A few percent of the cost of printing notes should be facilitated on internet and digital payments – Bankers Association

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A few percent of the cost of printing notes should be facilitated on internet and digital payments – Bankers Association

The Nepal Bankers Association has suggested the Nepal Rastra Bank to provide concessions to reduce the internet charges while making electronic payments to make the country’s electronic payment service more comprehensive and convenient.

Giving suggestions for the monetary policy of the Fiscal Year 2078/79 on behalf of the Nepal Bankers Association, giving various suggestions regarding electronic payment, he said that a certain percentage of the current expenditure on note printing and management can be spent on electronic payment facility.

In addition, the association said it would encourage digital banking by facilitating fee charges for service providers in electronic transactions.

Stating that the government and other payments would be of great benefit to the state through electronic means, it has been suggested to reduce the internet fee for paying certain percentage of the cost of note printing and management through electronic means and to provide concession in the fee charged by the service provider in electronic transactions.

In order to make electronic transactions systematic and secure, the payment security agencies have suggested to set a time limit for compliance and audit / verification of the SOEs as per the minimum security standards set by the Nepal Rastra Bank.

In addition, the association has said that the work of the National Payment Switch, which is currently in process, should be brought into operation for a certain period of time. He is of the view that this will make electronic transactions more convenient.

The association has also suggested setting separate limits for electronic transactions targeting business customers.

International service providers (Visa, MasterCard, UnionPay, etc.) have suggested to take additional initiative from Nepal Rastra Bank to reduce the fees. He is of the view that this will reduce the cost of travel to these service providers.

It is also suggested to effectively implement the provision of 10 percent refund of VAT paid if the expenses incurred for VAT are paid electronically.

Saying that the expenditure on SMS is increasing, it has been suggested to take necessary initiative in this regard as well. The association has requested the concerned agencies to take necessary initiatives to provide the facility at low cost to reduce the cost of information as the areas where customers need to be informed through SMS are increasing.

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Rabins Sharma Lamichhane

Rabins Sharma Lamichhane is the owner of RabinsXP who is constantly working for increasing the Internet of Things (IoT) in Nepal. He also builds android apps and crafts beautiful websites. He is also working with various social services. The main aim of Lamichhane is to digitally empower the citizens of Nepal and make the world spiritually sound better both in terms of technology and personal development. Rabins is also the first initiator of Digital Nepal.

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