Jan 31, Kathmandu:  Nepal Rastra Bank(NRB) has reduced inter-bank ATM charges. The fee charged for withdrawing money by using one bank's ATM card at another bank's ATM has been reduced.

Rasitra Bank has issued the 'Integrated Instruction on Payment System, 2023 AD' and said that when payment cards issued by banks and financial institutions are used within the country at ATMs of other banks and financial institutions, a fee of up to Rs. 15 may be charged.

Previously, the ATM card issued by one bank would be free for a minimum of two transactions per month when using ATMs of other banks and financial institutions, and in case of more than two transactions, a fee of up to Rs.20 could be charged. But now the system of getting free transactions up to two per month has been removed.

The National Bank has also amended the limits of money transfers and payments made through electronic wallets. Previously, there was a system where you could transfer up to Rs 50,000 per day from the bank account to the wallet, but now it has been increased to Rs 200,000 per day.

Similarly, up to two lakh rupees can be sent daily from the wallet to other bank accounts. Earlier, only Rs 50,000 could be sent per day. When sending money from one wallet to another wallet, earlier it was possible to send only up to Rs. 25,000 per day, but now it has been increased to Rs. 50,000 per day. However, the limit of transactions that can be done per month has been kept.

The limit of payment transactions through mobile banking and internet banking has also been increased. Previously, through mobile banking (including QR code), transactions could be made up to two lakh rupees per day, but it has been increased to three lakh rupees per day.

The provisions relating to fees for revenue payment transactions conducted through wallets operated by payment service providers affiliated with the Government's Revenue Management Information System (RMIS) have also been amended.

Previously, a transaction of up to Rs. Similarly, a fee of Rs 8 will be charged for transactions between Rs 5,001 and Rs 10,000. Previously, a fee of Rs 8 was charged for transactions ranging from Rs 3,001 to Rs 10,000. For all transactions above Rs 10,000, a fee of Rs 20 was charged, but this fee has been reduced to Rs 10.

Banks and financial institutions will be able to choose electronic payment cards including credit, debit, and prepaid cards by informing the customers about the various cards provided. When issuing such a card, along with the application form, the customers will have to provide informational materials covering the issues such as card issuance and transaction fees, transaction limits, the interest rate for using the card, and other facilities available from the card.

A change has also been made in the arrangement related to the settlement of transactions through electronic cards. Payment of transactions in Nepali rupees through various payment cards issued by banks and financial institutions in Nepal should be made within Nepal. Also, for such purposes, if any guarantee/bond is to be issued for international switches, it should be done in Nepali Rupees.

Through the guidelines, a provision has been made that remittance can be made by the payment service provider organization by making an agreement with the remittance company so that the money inflow from abroad is deposited in the electronic wallet operated in Nepal. While receiving remittances in this way, there will be no limitation of the specified limit for depositing money in the wallet.