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NRB Ensures Hassle-Free Service Transaction of Small Amount

  36 sec to read

August 22: Nepal Rastra Bank has removed the provision to furnish identity cards for people dealing with petty transactions through banks and financial institutions (BFIs). The central bank issued a circular on August 20 to this effect. This has effectively ended the hassles that people had to go through for small transactions.

The central bank scrapped the previous provision after widespread complaints regarding the hassles in furnishing identification for small transactions.

Under the new provision, bank account holders do not have to show their identity cards for transactions less than Rs 100,000. Earlier, people other than account holders had to produce government documents that would reveal their identity in order to deposit money in BFIs. 

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