Nepal Rastra Bank issues notice regarding fund transfer limit via online and card mediums

Sun, May 26, 2019 4:03 PM on Latest,

Nepal Rastra Bank (NRB) has published a press release stating the amendments made to the existing payment methodologies and their transactions limits. The highlights are:

  1. Cash transactions can't be carried out via credit card. In case of emergency, the card holder can withdraw cash equivalent to 10% of the credit card's limit.
  2. Inside Nepal, cash withdrawal from Prepaid card can range from Rs 500 to Rs 25,000 per transaction. In case the issuer and acquirer are different, the same amount (Rs 500 to Rs 25,000) can be with withdrawn whereby by the service charge levied should be clearly mentioned.
  3. In usage of Near Field Communication Technology (NFC) Contactless card issued by BFIs, PIN won't be required for transaction below Rs 2000. The necessary provision to minimize the risk and number of transactions should be figured out by the concerned BFI itself.
  4. Account holders can transact up to Rs 50 thousand per day and upto Rs 1 lakh per month from Mobile Banking and payment via Quick Response (QR) code. The limit per day from internet banking (Merchant Payment) is set at Rs 10 lakh at max and no more than Rs 30 lakh per month.Similarly, while transferring amounts between accounts directly from internet banking, the limit is set at Rs 10 lakh per day and Rs 50 lakh per month.
  5. Transactions via agent or sub-agent is also limited at Rs 25,000 per day and Rs 50,000 per month.
  6. Transferring funds from bank account to wallet, wallet to bank account and one wallet to another wallet has been limited at Rs 25,000 per day and Rs 50,000 per months.