Fund Settlement Facility for Revenue Collection to Remain Open at Extended Hours on Ashad 23 and 30 Despite Public Holiday

The Nepal Rastra Bank (NRB) has informed that Fund Settlement of transactions through cheque clearing and Electronic Fund Transfer (EFT) can be conducted even on specified public holidays on Ashad 23 and 30.

In a press release issued by NRB on Friday, it stated that in accordance with the request of the Nepal government, Ministry of Finance, and Financial Comptroller General Office, for the purpose of Fund Settlement via cheque clearing and Electronic Fund Transfer (EFT), all Banks and Financial Institutions (BFIs) including the Nepal Clearing House will extend their services for revenue collection on Ashad 23 and 30, which are public holidays, and on Ashad 24 until 8:00 pm.

In the same manner, it has been informed by NRB that the facilities will be available until Ashad 31st, up to 7:00 pm.

As the fiscal year end approaches and with it mounting pressure for revenue collection, NRB has taken the steps to ease the burden by allowing extended hours for the Fund Settlement facility on Ashad 23 and 30, despite them being public holidays, as well as on Ashad 24 until 8:00 pm.

Additionally, the facility will remain open until Ashad 31st, up to 7:00 pm, to accommodate the increased demand and ensure smoother revenue collection processes during this critical period.