NRB officially launches Real Time Gross Settlement System; banking payments made easier

Nepal Rastra Bank officially inaugurate its already launched payment settlement system called Real Time Gross Settlement (RTGS) today. This system is intended to ease the inter-bank cheque payments, where in customers had to wait for a day at max, for the settlements. With RTGS, customers can settle payments in a jiff.

For payments above Rs 2 lakhs, customers can simply fill up a form and make transfer to the desired account in another bank immediately. However, for payments below 2 lakhs cheques have to be issued. The minimal charge for the service is kept at Rs 10 and will increase as the day passes by.

All the commercial banks have already enrolled in the system, however, development banks and finance companies will be integrated in the next phase. RTGS aims to reduce cheque printing cost, enable quick transactions and remove cheque clearing hassle. RTGS is NRB's decade long project.