Nepal Infrastructure Bank Ltd (NIFRA) has been enrolled and started processing its transaction in Real Time Gross Settlement (RTGS) system, corresponding to which Nepal Clearing House Ltd (NCHL) has enabled NIFRA into connectRTGS system.
NIFRA was established by banks and financial institutions (BFIs), life and non-life insurance companies, other private sector organisations and a team of entrepreneurs along with the participation of the government. Its major aim is to accelerate Nepal’s infrastructure development and bridge the financing gap in infrastructure and its allied sectors.
In continuation to supporting Nepal Rastra Bank (NRB)’s initiative of extending RTGS system, NIFRA has utilised connectRTGS, which is already being used by over 35 banks and financial institutions. NIFRA will now be able to initiate and process high-value and urgent transactions above Rs 2 lakh through RTGS which is expected to largely help NIFRA in its fund management.
connectRTGS has been provided by NCHL to banks and financial institutions as additional facilitation to the industry, which is integrated with RTGS system of NRB and the core banking system of the BFIs. The system has been provided as an extension of the existing infrastructure of NCHL.
