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NCHL, Nepal SBI reach agreement for cross-country payment

Nepal Clearing House Limited and Nepal SBI Bank have reached an agreement for a cross-country transaction system. The move facilitates cross-border payment between two countries.

The agreement was signed by Rajesh Kumar Panda, Deputy Chief Executive Officer and Chief Financial Officer of Nepal SBI Bank, and Nileshman Singh Pradhan, Chief Executive Officer of NCHL, in the presence of Deepak Kumar De, Managing Director and Chief Executive Officer of SBI Bank.

With this partnership, Indian citizens living or tourists in Nepal can use the National Payment Interface (NPI) and directly transfer money from any bank in Nepal to their bank account in India.

Likewise, Nepalese living in India can also use the Unified Payment Interface (UPI) and transfer money to bank accounts in Nepal.

Cross-border transactions have begun between Nepal and India thanks to the bilateral agreement between the governments’ central banks and payment service providers. With that said, eSewa and Khalti along with various other digital wallet service providers have enabled payment in their networks.

The cross-border payment has widened thanks to various banks and payment service providers enabling payment for their customers. SBI and NCHL’s latest collaboration will further promote and widen its scope bringing cross-country transactions to their fingertips.

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