Inter bank ATM charge has been lowered to up to Rs 15 by Nepal Rastra Bank (NRB). The central regulatory bank enforced the new provision with the launch of its latest Unified Directive, 2079. The bank lowered the cost from the previous Rs 20 for the same service.
The guidelines hold that using payment cards issued by banks or financial institutions can charge up to Rs 15 per transaction for interbank ATM transactions within the country.
Previously, NRB had allowed up to 2 transactions per month free of cost at any bank. After more than two ATM withdrawals, banks could charge up to Rs 20 per transaction. The bank had enforced a Rs 20 provision citing the easing of the lockdown.
Related: NEPS Working on Virtual ATM Cards in Nepal
ATM charges have been a subject of controversy too. Banks though have remained adamant that inter-banks ATM service couldn’t come free of cost. NRB didn’t pay heed as the service would be outrageous to the common public at the time of the pandemic but the banks’ push has finally come to fruition.
Also read: Top 5 Mobile Banking Apps in Nepal, Find the List Here!
As per the directives from NRB, banks or any financial institutions will have to keep their customers informed about service before charging fees. The directives also hold that the banks must pre-inform their customers about services such as ATM use, mobile internet, SMS Banking, etc.
The lower inter-bank transaction charges may come as good news to the customers. But there would still be a section calling for an even lower charge for the sake of ensuring higher financial inclusion and access to banking services for more people.
Check the recent NRB directives at NRB.