Once the customer updates his/her details in one bank, infrastructure will be created so that other banks and related agencies can also receive the details through the electronic system.
We use Google Cloud Translation Services. Google requires we provide the following disclaimer relating to use of this service:
This service may contain translations powered by Google. Google disclaims all warranties related to the translations, expressed or implied, including any warranties of accuracy, reliability, and any implied warranties of merchantability, fitness for a particular purpose, and noninfringement.
In the monetary policy of the next financial year 2082/83 published by the Nepal Rastra Bank, it has been announced that the use of the national identity card system will be more effectively integrated with the banking sector.
According to the policy, banks and financial institutions can obtain customer identification (KYC) details through national identity cards. Once the customer updates his/her details in one bank, the infrastructure will be created so that other banks and related agencies can also receive the details through the electronic system.
Rastra Bank has emphasized on the promotion of digital system, strong payment structure, and innovation as part of the plan to bring the financial system to a new stage through the use of modern technology. In addition, it is mentioned that new practices like 'Regulatory Sandbox' will be implemented while making the payment system stronger and safer.
"By developing a strong and secure payment system, transactions and financial access will be enhanced through electronic means," Governor Vishwa Paudel said, "The regulatory sandbox will be put into operation to promote new practices and innovation in this field to make the payment system strong and capable."
