Mahalaxmi Bikas Bank & Nepal Clearing House signs pact for Interbank Payment System

Mahalaxmi Bikas Bank Limited and Nepal Clearing House Limited have signed an agreement for Interbank Payment system (NCHL-IPS) on Mangsir 6, 2073. Nepal Clearing House Limited’s CEO Nilesh Man Singh Pradhan and Ramesh Kumar Bhandari, CEO of Mahalaxmi Bikas Bank signed the pact. With this agreement, Nepal Clearing House Limited will provide NHCL-IPS system for Interbank Payment Service. 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 65 bank and financial institutions as Direct member and 3 Remit company and 1 Merchant Banking Company has been agreed as Indirect Member. After this agreement, 70 members have been registered under NCHL-IPS system. NCHL currently has over 108 member banks and financial institutions with 2,804 branches within its network for clearing cheque and has been providing providing services from Bhadra 1, 2073 from 58 member BFIs. NCHL has set its objectives to establish and operate multiple national payment systems in Nepal. It will be signing similar NCHL-ECC subscription agreements with other banks and financial institutions in upcoming days as well.