November 21: Nepal Rastra Bank has tightened the screws on digital wallet companies providing payment service in the country. The central bank made such an arrangement by issuing the Unified Directive 2080 related to payment services on Monday.

The new directive stresses on the need for cyber security and transparency of financial transactions of the operators of digital wallets.

The central bank has also introduced various provisions to make the technical aspects of wallet companies more secure.

In the case of the customer, the central bank has instructed digital wallets to collect the details of the customers and update the KYC by mid-July next year.

It is mentioned in the directive that the payment-related organizations should prepare a list of documents and other details required to fully comply with the customer identification regulations to operate the wallet and arrange for updating the details through online form.

The NRB has warned that any company that does not implement the Unified Directives will be warned for the first time and then fined Rs one million for the second time. The third offense carries a fine of Rs two million while the punishment will increase according for failure to comply with the directives.