Nepal Bankers' Association (NBA), along with Nepal Rastra Bank (NRB) and other financial institutions, has established Nepal Clearing House Ltd.
"The clearing house will commence an Automatic Check Truncation and Clearing Systems to be evolved into a nation-wide payments system," said Sachin Joshi, president of NBA and CEO of NIC Bank.
NBA has 60 per cent, SCT 15 per cent, NRB 10 per cent and the remaining shares will be distributed between Nepal Development Banks' Association and Nepal Finance Compnaies' Association in the Clearing House Ltd.
The process of the hardware and software bidding has already started for the clearing house that wil lhelp clear cheques automatically from anywhere in Nepal. "The system will come into effect from the next fiscal year," Joshi said adding that it would be developed as a national payment system.
At a time when banks are aggressively opening branches, the system would help increase accessibility of people to banking channels. The new distribution channel like branchless banking is needed to cater to customers as the the cost of branches would not be affordable, said Joshi.
NBA, with the help of NRB and Rural Microfinace Development Centre (RMDC) and other financial institutions has also established National Banking Training Institute (NBTI) that will disseminate banking knowledge and train professionals. "The institute will be expanded into all five regions across the country," according to NBA.
The training institute has a support of $2 million from Asian Development Bank (ADB). "It will be developed as a self-sustainable institute that will be run by a professional chief executive officer (CEO)." NBA is in search of professional CEOs for both, the clearing house and NBTI, according to the bankers' association that is expanding the delivery of financial products and services through the introduction of new technology and innovative solutions.
NBA has said that the increase in access to finance is sine qua non to fostering economic growth.
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