April 1 : NIDC Development Bank has signed the Interbank Payment System (NCHL-IPS) with Nepal Clearing House Limited (NCHL). As per the agreement, NCHL will provide NCHL-IPS service for electronic payment system to NIDC. Neelesh Man Singh Pradhan, CEO of NCHL and Shivjee Roy Yadav, CEO of NIDC signed the agreement to this effect on March 30.

 45 banks and financial institution along with three remittance companies are in NCHL-IPS system at present. Customers of the NCHL-IPS member banks and other financial institutions can receive and make payments among them, which includes the payments of dividends, IPO refund, bill, pension, remittance, premium and social security allowances. The number of financial institution in NCHL-IPS system has reached 49 with the joining of NIDC.

“Transactions can be carried out on maximum numbers with transparently through the NCHL-IPS system,” says NHCL CEO Pradhan, adding, “The associated risks are less with the system, while the customers also get various facilities."  NCHL has been clearing the cheques issued from 2678 branches of 124 member banks and financial institutions in NCHL-IPS system. "We will start NCHL-IPS in all member banks soon," informs Pradhan.