‘Can bank data be kept in the cloud or not?’ Suggestions from development bankers to clarify monetary policy
The Development Bankers Association has urged the Nepal Rastra Bank (NRB) to formulate a clear policy on whether Nepali banks can also use the cloud at a time when the practice of keeping data in the cloud is on the rise.
Offering various suggestions to be included in the forthcoming monetary policy, the banks have urged to formulate a clear policy on the use of cloud.
The association has suggested to the Nation Bank that the bank should issue clear guidelines on ‘what data can be kept in the cloud if it can be kept or what data cannot be kept in the cloud if it cannot be kept’.
The association has also asked for clarification on the conditions under which cloud services can be availed. He also suggested that it would be appropriate to issue guidelines on whether or not services can be availed with foreign cloud service providers.
He said that if there are clear instructions in this way, it will be easier for the banks and financial institutions to provide services following the instructions and remove the dilemmas in this regard.
Similarly, to take a clear policy on digital currency, the association has suggested that while various countries of the world are issuing their own digital currency, its trade is banned in Nepal. Such digital currencies are also listed on international stock markets.
However, in view of the fact that some countries have tightened their control, it would be appropriate to form a study committee with the involvement of experts and prepare a report on whether it would be appropriate to use digital currency in Nepal, according to the association.
The association suggests that additional policy arrangements be made to encourage e-commerce. Doing so will encourage cashless transactions, help prevent money laundering, and help control epidemics by reducing bank visits in the event of an epidemic, the association said.
The association suggested that it would be appropriate to make policy arrangements to reduce the charges for electronic transactions such as QR, Interbank Transfer, Connet IPS and RTGS. He is of the view that this will encourage electronic and cashless transactions.