Nepal Rastra Bank issues directives for online banking; Maximum amount of Rs 25,000 set as balance for E-wallets

Nepal Rastra Bank has recently issued a directive for the electronic transactions. The directive has set a limit of 25% of the allowed withdrawable from the credit cards.

Along with that, NRB has also directed that the prepaid cards limit to be made under Rs 1 lakh. Likewise, the minimum withdrawable amount will be Rs 500 whilst the maximum withdrawal amount will be Rs 10,000. There is also a monthly withdrawal limit of Rs 50,000 in prepaid cards.

In cases of debit cards, the minimum withdrawal amount has been set as Rs 500 and the maximum amount has been set as Rs 25,000. The total transaction should not exceed Rs 1 lakh per day. This could differ from bank to bank as they can set the maximum transaction amount (within Rs 1 lakh) per day.

For mobile banking, maximum amount of Rs 5,000 can be paid at a time and it cannot exceed Rs 10,000 in a day. Rs 50,000 has been set as the maximum limit that can be transacted during a month.

Nepal Rastra Bank has stated that transaction of Rs 1 lakh can be made within a day using internet banking with a monthly limit of Rs 5 lakh. Whereas the limit increases to Rs 10 lakh monthly limit in case the amount is being transferred to a bank account.

Similarly, Nepal Rastra Bank has also provided facilities for depositing amount in the third party E-wallets, Mobile Wallet and Digital Wallets. Maximum Rs 5,000 at a time can be deposited through agents and sub-agents.

The payments to be made to the government like taxes, fines etc will be able to be paid through online based applications. Minimum of Rs 100 and maximum of Rs 5,000 can be deposited through banks in the wallets. Maximum amount of Rs 15,000 can be deposited through banks.

The maximum amount allowed to be kept in the wallets have been limited to Rs 25,000.