KATHMANDU – Indian nationals employed in Nepal now have a convenient new method for transferring funds back home. A recent agreement between Nepal and India enables QR code-based payments directly into Indian bank accounts.
This service is facilitated by the Nepal Rastra Bank (NRB) in conjunction with the ‘National Payment Switch’. Transactions can be completed through Nepali Commercial Bank and National Development Bank using e-banking, interbank payments, mobile banking, and QR codes.
The NRB has placed limits on these transfers, with a daily maximum of 15,000 Indian rupees (INR) and a monthly maximum of 100,000 INR. All transactions must adhere to NRB regulations regarding foreign exchange accounts.
This new system stems from a cross-border digital payments agreement signed during Prime Minister Pushpa Kamal Dahal’s visit to India in May. Nepal Clearing House and India’s NPCI collaborated on establishing the technical infrastructure. The NRB has since amended policies to support this new payment method.
