Kathmandu. Nepal Rastra Bank (NRB) has revoked the licenses of PayWell Nepal and Rajillo Pay Payment Services.
A meeting of the Board of Directors of the Rastra Bank held on June 29 decided to cancel the licenses of the two payment service providers as they were found violating various provisions of the Payment and Settlement Act, 2075, payment and settlement bye-laws, 2077, unified directive on payment, 2081 and prevention of money laundering act, 2064. According to the central bank, the licenses of both the institutions have been canceled as per the provisions of clause (f) of Sub-section (1) of Section 25 of the Payment and Settlement Act, 2075 BS.
Paywell Nepal received the license from the Rastra Bank on September 15, 2018 and Sahaj Pay Payment on April 1, 2018.
