In an encouraging move for citizens in the country, the Nepal Rastra Bank (NRB) has simplified the process of opening bank accounts across all banks. Citizens can now open a ‘zero balance’ account.<\/strong><\/p>\n The central bank amended the Nepal United Directive 2018 and has directed Class A, B, and C to implement the new rule with the aim to bring more people into the fold of banking.<\/p>\n NRB Spokesperson Narayan Prasad Paudel said that the national bank is relaxing the rules in line with the government\u2019s plan of expanding financial inclusion.<\/p>\n To strengthen the campaign, NRB has directed banks and financial institutions to simplify paperwork for opening accounts.<\/p>\n Additionally, depositors conducting transactions up to NPR 100,000 per year will be exempted from filling know-your-customer (KYC) forms.<\/p>\n \u201cIf transactions exceed this limit, account holders will have to provide details under know-your-customer,\u201d reads the revised directive.<\/p><\/blockquote>\n Paudel says that simplified paperwork will increase rural people\u2019s access to the financial system. He added that banks can put NPR 100 into each individual\u2019s bank accounts as a corporate social responsibility initiative.<\/p>\n As part of its development drive for FY 2018-19, the government aimed to expand its banking services to all local units.<\/p>\n Until mid-March 2019, 42 out of the 750 Nepali local units had no access to banking.<\/p>\n","protected":false},"excerpt":{"rendered":" In an encouraging move for citizens in the country, the Nepal Rastra Bank (NRB) has simplified…<\/span><\/p>\n