The Financial Information Unit of the Nepal Rastra Bank (NRB) has said it received 1,556 suspicious financial transaction reports in eight months of the current fiscal year.
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KATHMANDU, Feb 5: At a time when the use of electronic media in financial transactions is increasing significantly and fraud in various names is also on the rise, the Nepal Rastra Bank (NRB) has advised the public to be vigilant and safe, saying that the temptation to cast lottery, misuse of mobile applications, solicitation of passwords and OTP from strangers on various pretexts has increased.
The central bank on Friday issued a notice to the public regarding the risks involved in conducting financial transactions through electronic means, urging users to pay special attention to electronic payments as complaints are being raised that criminal individuals and groups are using various electronic devices to defraud customers.
The central bank has asked people not to share their passwords, OTP or any other sensitive information, to change their passwords from time to time and to keep such passwords confidential. Similarly, if an unknown person requests the public to send money by sending a message through social media or any electronic medium, caution should be observed before responding to such requests.
Similarly, the bank has advised not to use unauthorized applications as the criminal group can find out its sensitive information while downloading unnecessary and unauthorized applications on mobile or other devices.
Meanwhile, the NRB has stated that complaints or grievances can be registered by contacting the banks and financial institutions and the NRB if there is any suspicion or complaint about fraud while conducting financial transactions through various channels
The significant increase in the use of electronic media in financial transactions is due to the development of electronic payment infrastructure, incentives for e-transactions and increasing use of modern equipment by the general public.
According to the latest data released by the Nepal Rastra Bank, more than Rs. 4.845 trillion has been transacted electronically in the last month of the current fiscal year alone. Of this, more than Rs 3.477 trillion has been transacted through RTGA alone. According to the bank, the electronic turnover was more than Rs 2.37 trillion in the month of Mangsir in the last fiscal year.
Nepal Rastra Bank (NRB) has warned about the dangers of Cryptocurrency. Issuing a notice on September 9, Thursday, NRB has announced that the transaction of cryptocurrency is illegal and anyone involved in any of such activity will be taken legal action as per existing laws. ALSO READ: NTA Studying the Possibility of Refurbishing and Assembling…
The post NRB Warns Against the Use of Cryptocurrency in Nepal appeared first on TechLekh: Latest Tech News, Reviews, Startups and Apps in Nepal.
KATHMANDU, Aug 14: The Nepal Rastra Bank (NRB) will set up a national payment switch in a bid to promote a cashless transaction.
Unveiling the monetary policy on Friday, NRB aims to observe the fiscal year, 2022/23 as the year of promotion of electronic payment and transaction, for which it will stress necessary infrastructural development and create awareness in the current FY, 2021/22.
The policy has emphasised the use of a country's own payment card while establishing interconnectivity among electronic payment gateways and clearing and recording digital payment gateways.
Special re-loans would be provided to payment service providers or payment system operators and communication service providers for the development and promotion of the ecosystem of the whole electronic payment system.
The central bank will make necessary arrangements for facilitating the payment of revenue and all sorts of payments through banking and digital systems. Arrangements will be made for beneficiaries entitled to social security allowances to receive the allowances digitally from the banks dealing with government transactions.
The deadline for payment service providers and payment system operators to meet minimum transactions and customers has been extended until mid-July, 2022 over the ongoing COVID-19. Similarly, a digital loan guideline will be prepared and implemented for facilitating banks and financial institutions to provide their services like loan application and approval digitally.
The policy aims to carry out a feasibility study of digital currencies in the country in the context when many foreign countries have adopted it or some others are at work. Arrangements would be made for anyone to apply for citizens saving bonds and foreign employment bonds digitally and a necessary study of the use of cloud infrastructure would be carried out.
There is a policy of carrying out a necessary study of the subject for payment providers to provide micro credits up to a certain amount in line with the concept of digital banking. This is to promote micro, small and cottage industries and startups.
Payment service providers and payment system operators except banks and financial institutions have to inform transactions beyond the ceiling and details of suspicious transactions to the financial information unit, said Governor Maha Prasad Adhikari.
