Nepal Rastra Bank has instructed banks and financial institutions to create and implement an action plan by the end of Poush 2083 to reduce the number of inactive bank accounts.
The Bank and Financial Institution Regulation Department of Nepal Rastra Bank has directed banks and financial institutions to make a clear plan to reduce inactive accounts. All banks must implement this action plan by the end of Poush masanth in the year 2083.
This directive was issued on Friday by amending the Integrated Directives, 2082. The central bank has sent this order to Class ‘A’ commercial banks, Class ‘B’ development banks, and Class ‘C’ finance companies to quickly start working on reducing inactive accounts.
Alerting Customers on Time
Nepal Rastra Bank has told licensed institutions to notify customers regularly before active accounts become inactive. Banks must do this by sending SMS, emails, or by making phone calls to the account holders.
Similarly, banks must ask customers to reactivate their inactive accounts at least once every six months. They need to use phone, SMS, and email for this and they also have to keep a record of these communications.
Closing and Reopening Accounts Easily
According to the new rules, customers can easily close their accounts from any branch of the bank across Nepal. They can also use mobile banking or web applications to close their accounts.
If a customer requests to close account either in person or through online apps, the bank must transfer remaining balance to another bank account as requested by the customer. The bank must then close the account smoothly.
Furthermore, the central bank directed that customers should be able to reactivate their inactive accounts easily from any branch in Nepal after doing their customer identification. Banks are also requested to make a system to monitor unusual transactions in accounts that are reactivated after being inactive for a long time.
AI Disclaimer: This article was originally published on https://bajarkochirfar.com. It has been translated with the help of AI. For the best understanding and accurate facts, we recommend reading the original Nepali version.
