From today onwards, banks require depositors to submit their ID, family details

Kathmandu, January 15

The central bank of Nepal on Wednesday launched a new rule for all commercial banks of the country, according to which the depositors need to submit their official ID card issued by a government agency as well as family details while depositing the money.

The new rule was introduced with the intention of discouraging money laundering, claims the Nepal Rastra Bank.

In the second phase, the regulatory body plans to implement it at development banks and other financial companies also. The NRB spokesperson Gunakhar Bhatta says all the institutions will implement the new system by the end of this fiscal year (mid-July 2020).

Experts say this system is in practice in many parts of the country though it is relatively new in Nepal.

Published on January 15th, Wednesday, 2020 1:32 PM

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