Nepal Rastra Bank and Sakchyam Sign MoU to Modernize Payment Systems

December 21, 2015

December 14, Kathmandu – Nepal Rastra Bank and Sakchyam Access to Finance Programme signed a Memorandum of Understanding (MoU) today at the DFID Nepal office in Ekantakuna. The purpose of this MoU is to support NRB in implementation of the payment systems modernization programme which will result in the acquisition of Real Time Gross Settlement System(RTGS) and Central Securities Depository System(CSD), and other related elements along with strengthening the Payment & Settlement Department (PSD) of NRB.

Present at the event were Mr. Gopal PrasadKaphle, Dy. Governor, NRB; Mr. Maha Prasad Adhikari, Dy. Governor, NRB; Dr Gail Marzetti, Head of Office, DFID Nepal; Mr. Mahesh Bhattarai, Executive Director- Payment & Settlement Department and Mr. Baljit Vohra, Sakchyam Team Leader, besides other NRB, DFID Nepal and Sakchyam team members.

As part of the signed MoU,Sakchyam willprovide necessary expertise required by NRB in strengthening the newly created Payment and Settlement Department, including developing legal and regulatory framework; developing efficient and secure payments and settlement systems;providing education, promotion and collaboration activities;and implementation of RTGS and CSD as part of Phase 1 of modernizing Payment Systems in Nepal.

Sakchyam is an access to finance initiative funded by UKaid and implemented by Louis Berger for DFID Nepal, in partnership with local and international partner institutions.