Nepal’s regulatory bank Nepal Rastra Bank (NRB) has requested the public to use digital transaction services during festivals. The bank released the notice ahead of the upcoming Dashain and Tihar festivals in Nepal.
The federal bank issued the notice for the convenience digital payment brings. In its notice, the bank asked the public to use mobile banking, internet banking, and digital wallets for electronic transactions.
Using mobile banking, internet banking, and mobile wallets won’t require paper bills. The public won’t have to stay in long queues and the funds go straight to the concerned account so it’s transparent and reliable which also saves time, the bank said.
In addition, the authority bank has also asked the public to be aware of their monetary transactions. While using digital payment services, the reason for transactions is up to the initiator of the payment so the concerned user must be alert. So, the bank requests them to first confirm bank, and account details, mobile numbers, and other payment information before running any transactions.
NRB continues to promote digital payments
NRB has consistently promoted the use of digital channels for transactions while clamping down on anything crypto-related. One key reason, the federal institution wants electronic payment during Dashain Tihar is that the paper bill might incur physical damages when they are used for Dakshina during Tika ceremonies which reduces the notes’ longevity.
We have increasingly heard of the “Digital Dakshina” these days but how about the majority of shopping payments done via online services?