In continuation to supporting Nepal Rastra Bank (NRB) in its initiative of extending Real Time Gross Settlement (RTGS) system, Nepal Clearing House (NCHL) has enabled 1 development bank and 6 finance companies into connect RTGS system, through which they will now be able to initiate and process RTGS transactions.
According to a press release issued by NCHL, Saptakoshi Bikas Bank, Best Finance, Gurkhas Finance, Guheshwori Merchant Banking & Finance, Goodwill Finance, Progressive Finance and Reliance Finance are the recently added Banks and Financial Institutions (BFIs) in the system. Prior to the 27 commercial banks, 8 development banks and 2 finance companies have already been using RTGS system. Out of the total BFIs using RTGS, a total of 42 BFIs are connected with the system through connect RTGS, which is an additional platform developed and provided by NCHL to its member BFIs.
Similarly, High value and urgent transactions above 2 lakh scan now be initiated from these development banks and finance companies on the behalf of their customers or their own institutional transfers. The customers will have to request the BFIs for RTGS transaction by filling a transfer-form available at the bank.
The connect RTGS has been provided by NCHL to its member BFIs as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by NRB and the internal system of the BFIs. The system has been provided as an extension of the existing infrastructures of NCHL.