Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to immediately close or activate the non-operative bank accounts. Banks and financial institutions are required to notify customers to activate or close their accounts at an interval of 6 months. <\/p>\n
Inactive bank accounts have been used in most of the cases used in financial crimes. Nepal Rastra Bank (NRB) on Friday issued a circular amending the Integrated Directive for class ‘A’, ‘B’ and ‘C’ class banks and financial institutions. Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to adopt strictness in the country, concluding that unauthorized access to bank accounts has increased the risk of financial crime. <\/p>\n
According to the Rastra Bank, the risk of inactive accounts being misused by unauthorized persons or used for financial crimes (Money Mule Money Mule) is high. According to the new rules of the Nepal Rastra Bank, banks will monitor the unusual transactions in such accounts and spread awareness among the customers, so ordinary consumers will be saved from inadvertently falling into financial crimes or legal traps. This decision is expected to provide a huge relief and convenience especially to ordinary customers or consumers who have inactive accounts and want to close the account. <\/p>\n
Customers can close the bank account they do not want to use from any branch office of the concerned bank. Apart from this, the bank has been charging a fine if it does not return all the pages of the cheque book it has taken. Customers can close their accounts free of cost on the basis of application by visiting the concerned bank branch with a national identity card or citizenship certificate. <\/p>\n<\/p>\n
The Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to use technology to facilitate bank accounts to close their accounts from home through mobile banking app or web.TAG_OPEN_p_32 <\/p>\n<\/p>\n
When the customer requests to close the account while present or online (app\/web), it is mandatory to close the account by transferring the remaining balance in the account to any other bank or financial institution of the customer’s choice. This has eliminated the hassle of standing in line to withdraw money. <\/p>\n<\/p>\n
} If an account becomes inactive, the customer can easily reactivate the account from any branch office across Nepal by verifying his\/her identity (KYC). For this, the compulsion to go to the main branch has been removed. <\/p>\n<\/p>\n
}<\/p>\n
Banks will have to inform regularly through phone, SMS or email before the customer’s active account is deactivated.TAG_OPEN_p_29 This allows customers to be aware of their accounts and prevent them from being deactivated. <\/p>\n<\/p>\n
Even if the account has been deactivated, the bank will request the customer to activate the account at least every 6 months through phone, SMS or email. This will keep the customer informed about their old or forgotten account and the amount in it. <\/p>\n<\/p>\n
The presence of a large number of inactive accounts in the bank’s information technology system also adds unnecessary expenses to the bank. There is a compulsion to regularly pay hefty service charges for account data management to organizations that are not transacted but have to send information from time to time, and the organization responsible for managing the information technology system. This does not contribute to income but adds to the financial liability. <\/p>\n<\/p>\n
This consumer-friendly step of Nepal Rastra Bank will promote digital banking and save customers’ time, labor and expenses.TAG_OPEN_p_26 The right to keep the bank safe and manage the account is completely in the hands of the customer. <\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has directed banks and financial institutions (BFIs) to immediately close or activate the non-operative bank accounts. Banks and financial institutions are required to notify customers to activate or close their accounts at an interval of 6 months. Inactive bank accounts have been used in most of the cases used […]<\/p>\n","protected":false},"author":5,"featured_media":171665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45117,45159],"tags":[],"class_list":["post-306523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bank-finance-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=306523"}],"version-history":[{"count":1,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306523\/revisions"}],"predecessor-version":[{"id":306524,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/306523\/revisions\/306524"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/171665"}],"wp:attachment":[{"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=306523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=306523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=306523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}