New system of National Bank, now wallets can merge with each other

Digital wallets can be merged with each other. Nepal Rastra Bank, in the first amendment of the Payment and Retail Regulations, 2077, has provided that payment system operators and payment service providers can merge with organizations of similar nature.

In case of merger or acquisition of payment related organizations, payment system operator and payment service provider organizations will be eligible for merger/merger or acquisition only with organizations of similar nature.

Organizations that want to merge/merge or acquire each other should get authorization from the board of directors by passing a resolution in the annual general meeting or special general meeting.

However, in the case of special circumstances, it is provided that the board of directors can proceed with the process of merger/amalgamation or acquisition by obtaining approval from the next general meeting.

Licensee organizations involved in merger/amalgamation or acquisition may form a joint merger or acquisition committee.

Organizations that have obtained theoretical consent cannot decide to separate themselves from such process without taking the approval of the bank with the approval of the bank with a valid reason.

However, if an application is submitted along with the decision of the board of directors due to the intention to separate from the process of merger/amalgamation or acquisition, the bank may cancel the agreement in principle.

The integrated transaction should be completed within 30 days of receiving the final approval to merge/amalgamate or acquire.

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