NCHL Facilitates 4 more BFIs to start RTGS system; supports in NRB’s real time gross settlement initiative

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 further enabled 1 development bank and 3 finance companies into connectRTGS system, through which they will now be able to initiate and process RTGS transactions.

Miteri Development Bank Ltd., Nepal Finance Ltd., Samriddhi Finance Company Ltd. and Shree Investment & Finance Co. Ltd. are the recently added BFIs in the system. Prior to this 24 commercial banks, 9 development banks and 8 finance companies have already been using RTGS system. Out of the total BFIs using RTGS, a total of 46 BFIs are accessing RTGS through connectRTGS, which is an additional platform provided by NCHL to its member BFIs for them to initiate and process RTGS transactions.

RTGS is sued for processing of high value and urgent transactions above 2 lakhs by these BFIs on the behalf of their customers or their own institutional transfers. The customers will have to request the BFIs for RTGS transaction by filling a transfer form available at the bank. As per NRB’s data, it has already processed total of 65,376 transactions equivalent to NRs 4.3 Trillion, in the current fiscal year until end of Chaitra 2078.