Machhapuchchhre Bank  & Nepal Clearing House signed an agreement for Interbank Payment System

Machhapuchchhre Bank Limited and Nepal Clearing House Limited has signed an agreement for Interbank Payment system (NCHL-IPS).  Nepal Clearing House Limited’s CEO Nilesh Man Singh Pradhan and  Machhapuchchhre Bank’s CEO Tulsi Ram Gautam signed on the agreement paper.

Banks affiliated with NHCL-IPS can self-conduct services of its customers related to Direct Credit and Direct Debit. Bank and financial institutions can provide service related to activities like Customer’s Cash Placement, Dividend Payment, IPO Refund, Bill Payment, Premium Payment, Allowance Payment and Remittance Services. Customers can be provided international standard services through the system. Transactions through the system are more transparent and huge transactions can be easily done along with minimal risk.

NCHL-IPS has 31 bank and financial institutions as Direct member and 1 Remit company has been agreed as Indirect Member. After this agreement, 34 members have been registered under NCHL-IPS system.

NCHL currently has over 125 member banks and financial institutions within its network and has set its objectives to establish and operate multiple national payment systems in Nepal.

Nepal Clearing House Limited will be signing similar NCHL-ECC subscription agreements with other banks and financial institutions. NCHL currently has over 125 member banks and financial institutions with 2,640 branches within its network for clearing cheque. NCHL has set its objectives to establish and operate multiple national payment systems in Nepal.