One of Nepal’s premier financial institutions, ‘NMB Bank’ has added yet another prestigious award to its list of accolades with a win that is also a historical, first-of-its-kind event in Nepal.

The Bank has been awarded “The Bank of The Year Asia 2021” by The Banker magazine, London UK.

NMB Bank has been adjudged the best bank in Asia beating out stiff competition from Asian giants such as China, India, Hongkong, South Korea, and Japan.

The Chairman of the bank including its board of directors and the CEO accepted the award on behalf of all the banking fraternity from the Honorable Prime Minister Sher Bahadur Deuba.

Congratulating the bank for creating the history, the PM said that the bank has enhanced the prestige of the entire Nepali banking industry by being honored with the coveted award "The Bank of the Year Asia 2021".

NMB Bank is the first-ever bank to receive this coveted award, which is a historical achievement in itself for the banking industry in Nepal. Along with this, the bank has also been conferred with “The Bank of The Year 2021 Nepal” for the fourth time in five years.

The award was announced amid a press conference held yesterday at the Everest Hotel, on the same day as the official announcement from The Banker Magazine, London.

“We are delighted to have won the award which is a testament to the hard work and dedication of our staff, the trust bestowed on us by our customers, regulators, the guidance of the NMB Board, and support from all stakeholders.

Our efforts during Covid-19 to ensure that our customers receive uninterrupted services through our digital Omni-channel platforms that have set industry standards and our efforts to support the communities where we operate in these crucial times have all contributed to the Bank’s success,” said Sunil KC, CEO, NMB Bank.

NMB Bank has won this award because of its focus on sustainable banking, commitment towards digital transformation, and high corporate governance standards.

The bank has demonstrated a level of stability that is a testament to its organizational strength and thus made it a deserving winner for this prestigious award.

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The charges incurred while withdrawing money from another bank's ATM has been removed permanently by Nepal Rastra Bank.

Previously, NRB had decided to waive the charges temporarily during the transition period of lockdown. And, now, as per the integrated circular by the department of the payment system of NRB, the charges have been waived permanently.

Any individual holding the ATM card of a bank and financial institution can now withdraw money from any be it their respective or other Bank and Financial Institution without any charges. However, the charges may apply for international transactions.

Similarly, the users should be notified 15 days prior to the expiry of their ATM cards via text message along with the info about the renewal fees, said NRB. Also, a customer is not allowed to have multiple cards of the same Bank and Financial Institution.

 

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NMB Bank Ltd. has enabled a self-verification process for online linking of its customer accounts within connectIPS.

With this NMB’s customers will be able to enroll within connectIPS and link its bank account without having to visit the bank branch in person. With the increasing adoption of digital transactions including fund transfer and service payments through alternate channels, connectIPS is being excessively used by the bank customers. The initiative of NMB to allow its customer for online linking is expected to further facilitate its customer during this pandemic situation.

The bank will allow transaction limits of up to NRs. 1 lakh per day and NRs. 10 lakh per month for the accounts linked through self-verification. Such limits can be upgraded later to the full limit of connectIPS through manual form based approval. 

The self-verification process for account linking and verification within connectIPS is currently available for 16 commercial banks, 6 development banks and 1 finance company. Few other BFIs are also in the final phase of extending this service. connectIPS has over 54 BFs within its network as its members. 

How to link and self verify an NMB bank account in connectIPS?

• Link the desired bank account in connectIPS from the “Link Account” option.

• Select the “Self-Verify Account” option under the “Manage Account” section.

• Enter the OTP(One Time Password) sent by the bank to the registered mobile number.

• Enter two micro payments deposited at your bank account (intended for linking).

• The linked account can now be used from connectIPS mobile app and web application.

The customer needs to ensure that the mobile number used in connectIPS is same as that provided at the respective bank. The transaction limit provide for such self-verified accounts will be as per the limit assigned by the bank and may vary for each of the banks.

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