As a Move to Promote Digital Payment, Nepal Rastra Bank Doubles Transaction Limit on Electronic Transactions

Wed, Mar 3, 2021 4:31 PM on Latest, National,

As a move to promote digital payment, Nepal Rastra Bank has increased the transaction limit on electronic transactions.

As of now, users could not make mobile payments of more than Rs. 1 lakh and internet payments of more than Rs. 10 lakh on the same day. The central bank has doubled this upper limit. After the implementation of the new arrangement, users can transact up to Rs. 2 lakhs via mobile payment and up to Rs. 20 lakhs via the internet payment.

To rephrase, mobile banking now has a daily limit of Rs. 2 lakhs while Internet Merchant Banking and Internet Account Transfer both now have a daily limit of Rs. 20 lakhs.

Note that this limit does not hold true for intrabank transactions between accounts of the same entity. This limit will also not be applicable to payments to government offices, hotels/ restaurants, educational institutions, air/ transport, health facilities, etc. Furthermore, payment to stockbroker offices is also not liable to follow this arrangement.