NCHL facilitates four more BFIs to start RTGS system

NL Today

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Kathmandu: Nepal Clearing House Limited (NCHL) has further enabled one development bank and three finance companies into connectRTGS system. With the system, the financial institutions will now be able to initiate and process RTGS transactions.

Miteri Development Bank, Nepal Finance, Samriddhi Finance Company and Shree Investment and Finance are the recently added BFIs in the system.

Prior to this, 24 commercial banks, nine development banks and eight 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 used for processing of high-value and urgent transactions above Rs 200,000 by these BFIs on the behalf of their customers or their own institutional transfers.

The customers will have to request the BFIs for RTGS transactions by filling out a transfer form available at the bank. As per NRB’s data, it has already processed a total of 65,376 transactions equivalent to Rs 4.3 trillion, in the current fiscal year until the end of Chaitra 2078 BS.