NRB eases customer verification rules to support flood victims
Summary
Nepal Rastra Bank has eased verification rules so flood-affected customers can access banking services even if they lost documents in the Rasuwa floods. It has also relaxed reopening and branch adjustment requirements for microfinance institutions in affected areas.
Key Points
- Nepal Rastra Bank has told banks and financial institutions to verify customers through signatures, photographs and other available details for flood-hit clients who lost documents.
- The move is aimed at helping victims of the Rasuwa floods access banking services after widespread damage and displacement.
- The central bank has also removed the need for microfinance institutions to seek prior approval before resuming services from branches in flood-affected areas.
- Microfinance institutions may shift services to nearby branches or make other adjustments, as long as they notify NRB within seven days.
