Govt mulls to set up National Payments Board as an oversight agency
Summary
The Nepal government is planning to establish the National Payments Board to oversee digital financial transactions, aiming to make digital payments more secure, transparent, and inclusive.
Key Points
- The government is considering establishing the National Payments Board under Nepal Rastra Bank's governor to oversee digital transactions.
- A draft bill proposes amendments to the Payments and Settlement Act to accommodate technology-provider institutions and foreign payment service providers.
- The amendment aims to enhance transparency, security, and financial inclusion through digital payment systems.
- The draft aligns payment system reforms with Sustainable Development Goals including economic growth and reducing inequality.
