Nepal Rastra Bank brings new circular to facilitate in more convenient use of ATM card and digital banking services; requires banks to provide 2 interbank ATM withdrawal free of cost each month

Nepal Rastra Bank has issued a circular for all the payment service providers operating in the nation to revise the way they function from Magh 1, 2077.

Per the circular from the central bank, the payment service providers will need to ensure that Banks and financial institutions can now charge a maximum of Rs 20 from the third interbank ATM withdrawals. Before that, they will need to ensure free interbank ATM withdrawal for the first two withdrawals every month.

BFIs will need to provide prior information to its customers before levying charges on the different electronic banking services.

BFIs will need to ensure that their customers can reset passwords for their electronic banking services on their own when need be.