7 More BFIs Start Real Time Gross Settlement (RTGS) System

In continuation to supporting Nepal Rastra Bank (NRB) in its initiative of extending Real Time Gross Settlement (RTGS) system, Nepal Clearing House Ltd. (NCHL) has enabled 1 development bank and 6 finance companies into connectRTGS system, through which they will now be able to initiate and process RTGS transactions.

Saptakoshi Bikas Bank Ltd., Best Finance Co. Ltd., Gurkhas Finance Ltd., Guheshwori Merchant Banking & Finance Ltd., Goodwill Finance Ltd. Progressive Finance Ltd., and Reliance Finance Ltd. are the recently added BFIs in the system. Prior to this 27, commercial banks, 8 development banks, and 2 finance companies have already been using the RTGS system. Out of the total BFIs using RTGS, a total of 42 BFIs are connected with the system through connectRTGS, which is an additional platform developed and provided by NCHL to its member BFIs.

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 the RTGS transaction by filling a transfer form available at the bank.

The connectRTGS has been provided by NCHL to its member BFIs as additional facilitation to the industry, which is integrated with the RTGS system implemented and operated by Nepal Rastra Bank and the internal system of the BFIs. The system has been provided as an extension of the existing infrastructures of NCHL.

For more information, visit www.nchl.com.np.