NRB Eases Mandatory National ID Requirement for Bank Accounts, Sets Compliance Deadline to Ashwin 2083
Summary
Nepal Rastra Bank has relaxed the mandatory National ID requirement for bank accounts, extending the compliance deadline to Ashwin 2083 and easing restrictions, particularly benefiting vulnerable groups and non-resident Nepalis.
Key Points
- Nepal Rastra Bank has extended the deadline for updating National ID details on bank accounts to the end of Ashwin 2083.
- Bank accounts will no longer be automatically frozen due to lack of National ID; banks must send periodic reminders instead.
- Nepalis living abroad can open bank accounts online without National ID but must update it upon return within 35 days.
- Exemptions from the National ID requirement apply to children under 16, persons with disabilities, and individuals incapable of self-care.
