NCHL and 10 More Bank & Finance Operates RTGS System

Kathmandu : In continuation to supporting Nepal Rastra Bank (NRB)’s initiative of extending Real Time Gross Settlement (RTGS) system, Nepal Clearing House Ltd. (NCHL) has enabled 8 development banks and 2 finance companies into connectRTGS system, through which they will now be able to initiate and process RTGS transactions. Jyoti Bikas Bank, Mahalaxmi Bikas Bank, Muktinath Bikas Bank, Kamana Sewa Bikas Bank, Garima Bikas Bank, Shangri-la Development Bank, Shine Resunga Development Bank, Lumbini Bikas Bank, ICFC Finance and Manjushree Finance are the recently added BFIs in the system. Prior to this, 25 commercial banks have already been using connectRTGS.

With this, high value and urgent transactions above 2 lakhs for RTGS can now be initiated from the development banks and finance companies on the behalf of their customers or their own institutional transfers. The customers will have to request the banks and financial institutions for RTGS transaction by filling a transfer form available at the bank.

The connectRTGS has been provided by NCHL to the BFIs at almost zero cost as additional facilitation to the industry, which is integrated with RTGS system implemented and operated by Nepal Rastra Bank and the core banking system of the BFIs. The system has been provided as an extension of the existing infrastructures of NCHL.