Earlier, the central bank had capped mobile banking at Rs 100,000 per day and Rs 1 million per month. Similarly, internet banking was capped at Rs 1 million per day and Rs 3 million per month.
In the circular issued by NRB, it mentioned that the daily limit of mobile banking and internet banking has been removed to facilitate convenient securities trading in the midst of ongoing pandemic COVID-19.
Moreover, the central bank has given authority to BFIs to set internal limits for mobile and internet banking based on their risk-taking capabilities.
However, the cap removal does not apply to other types of payments that include
- Transfer of money from an account to another of the same person in the same BFIs.
- While paying various taxes, revenue, vehicle fees, registration and service fees to the concerned government office,
- While paying for electricity, telecommunication, drinking water, insurance, and social security allowance
- When paying the bills of the educational institution, health institution, air service, transportation service, hotel and restaurant service business,
