Janata Bank Joins NCHL-IPS System

May 13: Janata Bank has signed 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 the bank. Neelesh Man Singh Pradhan, CEO of NCHL and Kumar LAmsal, CEO of Janata Bank signed the agreement to this effect on May 12.

Customers can withdraw and make payments from any account of the banks and financial institutions under the NCHL-IPS system. “Under this service customers can make payments of cash, dividends, IPO refund, bills, insurance premium, social welfare allowance, pension/salary, remittance and all other types of payments,” informs the service provider in a press statement. NCHL has aimed to include financial institutions in this service as large bulk of transactions can be done easily with transparency while also reducing the associated risks.