Nepal Rastra Bank (NRB) has introduced 8 new provisions to reduce the number of inactive accounts.

Kathmandu. Nepal Rastra Bank (NRB) has introduced 8 new provisions to reduce the number of inactive accounts. Nepal Rastra Bank (NRB) has introduced 8 new provisions by amending the Unified Directive issued to the licensed banks and financial institutions of class A, B and C. Nepal Rastra Bank (NRB) has directed the banks and financial institutions (BFIs) to comply with these provisions.

Here are the 8 new provisions brought to reduce the number of inactive accounts{

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As per the amended provision, the licensed banks and financial institutions will have to formulate an action plan to reduce the number of inactive accounts with them by mid-January 2083.

Similarly, the licensed banks and financial institutions should make arrangements to inform the customers regularly through call, SMS and email before the active account is deactivated.

As per this provision, the licensed banks and financial institutions will have to request the concerned customers through call, SMS, and email at a minimum interval of 6 months to activate the inoperative account and also keep a record of it.

Customers will have to make arrangements to close the accounts of the licensed banks and financial institutions through any branch office or mobile application of the concerned organization. In addition, if the customer requests to close the account in this manner by being present or through the mobile application, the account will have to be closed by transferring the amount to his/her account in another bank or financial institution where he/she has requested.

Licensed banks and financial institutions should also make arrangements to identify customers from any branch office across Nepal and reactivate their accounts in an easy

manner.

A system should be developed to monitor the unnatural transactions in the accounts of the banks and financial institutions that are inactive and re-operated.

Various materials should be produced and broadcast regularly to raise public awareness about the inactive accounts in licensed banks and financial institutions, the money value transactions and financial crimes that may take place using them.

The capacity of the employees shall be enhanced for the purpose of identifying and mitigating the possible money laundering activities from the accounts of the licensed banks and financial institutions.