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29 BFIs to Join National Payment Switch in the 1st phase of its Roll-Out

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29 banks and financial Institutions have signed an agreement todayto join in the rollout of the first phase of National Payment Switch (NPS) that Nepal Clearing House Ltd.is implementing. The agreement was exchanged between the representatives of the BFIs and NCHL in a formal event held today, which was graced by the presence of the Honorable Governor Mr. Maha Prasad Adhikari.

Deputy Governors Dr. Neelam Dhungana Timsina and Mr. Bam Bahadur Mishra, Executive Directors & senior officials of Nepal Rastra Bank, Presidents of the three associations of BFIs, CEOs of the majority of the BFIs, heads of various payment service providers and payment system operators were also present in the event. 

Implementation of National Payment Switch is one of the national agenda of the Government of Nepal included in the budget plan and Nepal Rastra Bank’s Monetary Policy, corresponding to which NRB had granted an initial approval to NCHL in the last fiscal year and the final approval for rollout of the first phase of in Kartik 2078. 

Total of 18 commercial banks, 5 development banks and 6 finance companies have entered into the NPS Phase 1 rollout agreement with NCHL. It is also working with other BFIs, PSPs and PSO for successful rollout of the retail payment switch, as the first phase of the NPS project. It will ensure non-card based transactions interoperability between payment infrastructures, services and instruments including introduction of various digital instruments and use cases. While the complete infrastructure and procedures, required for the first phase of NPS, has been completed, NCHL is now collaborating with the BFIs, PSPs, and PSOs for its rollout and business operations. 

The first phase of NPS includes retail payment switch to remain as an implementing infrastructure for NepalQR Standards including NEPALPAY QR scheme and inter-network QR; direct debit Request-To-Pay and e-mandate instruments; wallet to wallet interoperability; biller gateway for service interoperability; and PSO settlement. Itwill remain as the primary digital payments infrastructure having real-time and non-real-time switches and open APIs, that can be used by the BFIs and non-BFIs to establish multiple digital payment related use cases.

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The second phase of the NPS project is work in-progress that is intended to establish national card switch and Nepal Payment Card to ensure interoperability of domestic card transactions and for introduction of Nepal’s own domestic card scheme.

With the establishment of National Payment Switch, NCHL expects to support and work together with the Government of Nepal, regulator and all the stakeholders to increase and improve digital payments ecosystem in Nepal. 

List of Banks & Financial Institutions joining National Payment Switch

S No.Bank Name
 Commercial Banks
1Agricultural Development Bank Ltd.
2Bank of Kathmandu
3Century Commercial Bank Ltd.
4Citizens Bank International Ltd.
5Everest Bank Ltd.
6Himalayan Bank Ltd.
7Laxmi Bank Ltd.
8Machhapuchhchre Bank Ltd.
9Mega Bank Ltd.
10Nabil Bank Ltd.
11NCC Bank Ltd.
12Nepal Bangladesh Bank
13NIC Asia Bank Ltd.
14NMB Bank Ltd.
15Prabhu Bank Ltd.
16Prime Commercial Bank Ltd.
17Sanima Bank Ltd.
18Sunrise Bank Ltd.
 Development Banks
19Garima Bikas Bank Ltd.
20Kamana Sewa Bikas Bank Ltd.
21Lumbini Bikash Bank Ltd.
22Mahalaxmi Bikas Bank
23Muktinath Bikas Bank Ltd.
 Finance Companies
24Central Finance Ltd.
25Goodwill Finance Ltd.
26ICFC Finance Ltd.
27Manjushree Finance Ltd.
28Reliance Finance Ltd.
29Samriddhi Finance Ltd.
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