Nepal Rastra Bank and 14 other banks have been threatened that their banking systems will be hacked. 

It is has been reported that the spokesperson and deputy spokesperson of Nepal Rastra Bank (NRB), the central bank of Nepal, and high-ranking officials of various domestic banks had received the threats through email on Wednesday evening. 

Chief of the Bank and Financial Institutions Regulation Department and Spokesperson of Nepal Rastra Bank, Dev Kumar Dhakal, said the email received on Wednesday evening had threatened that their banking system will be hacked and money withdrawn from Thursday morning. 

He shared that the group claiming itself as 'the group of hackers' sent messages of hacking the banking systems of 15 banks including NRB and withdrawing money. 

Dhakal added, "I did receive a message on Viber and Messenger. Subsequently, we checked the banking system of NRB and other banks and we found that the systems are safe and secure. So there is nothing to be worried about." 

The hackers had even warned the central bank officials to not take their message lightly. 

The hackers in the message had warned of withdrawing money by hacking the banking systems of Nepal Rastra Bank, Kumari Bank, Nepal Bank, Nabil Bank, Rastriya Banijya Bank, Machhapuchchhre Bank, NMB Bank, NIC Asia Bank, Bank of Kathmandu, Citizens Bank International, Sanima Bank, Nepal SBI Bank, Everest Bank, Nepal Investment Bank, and Himalayan Bank.

Further investigations into the issue are underway and it is still not known who sent the message. 

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Nepal Rastra Bank (NRB) has set some limitations for digital transactions through the integrated directive on the payment system.  The limitations on digital transactions via e-wallets, mobile/ internet banking, and cards have been set.

Limitations for e-Wallets

As per the new arrangements, fund transfer limits for e-wallets have been set as:

S. No.	Fund Transfer	per transaction	per day	per month
1	Agent or Sub-agent to the wallet	-	25,000	100,000
2	Bank to Wallet	25,000	100,000	500,000
3	Wallet to other Bank	25,000	100,000	500,000
4	Wallet to wallet	25,000	100,000	500,000

NRB stated that no limit will be imposed while transferring money from an e-wallet to one's own account. In addition, the payment service provider will not be allowed to charge any fee to the customer for the transactions made through point of sale (POS) machine from the merchants of department stores, hotels, shops, etc.

Limitations for Mobile and Internet Banking

As per the new arrangements, limitations for transactions via Mobile and Internet Banking have been set as:

S. No.	Instruments	per day	per month
1	QR Code	100,000	10,00,000
2	Merchant Payment	10,00,000	30,00,000
3	Account Transfer	10,00,000	50,00,000

However, no limit will be imposed on various types of payments such as taxes, revenue, fines, vehicle fees, registration, and service fees to be paid at the concerned office of the Government of Nepal.  Also, no limit will be imposed on the payment of electricity service, telecommunication service, drinking water service, insurance premium, and social security allowance; bill payment for educational institutions, health institutions, air services, transport services, hotels, and restaurants.

Limitations for Card Payments

The limitations set as per the new arrangements for transactions via cards have been set as:

S. No.	Instrument	per transaction	per day	per month
1	Prepaid Card	25,000	-	-
2	Debit Card	25,000	100,000	400,000
3	Kiosk Card	-	25,000	50,000
4	NFC Card	25,000	-	-

The credit cards, generally, cannot be used for cash transactions; but, in case of emergency, the customer is allowed to withdraw up to 10% of the amount of credit card. Prepaid cards can be issued by banks and financial institutions up to a maximum of Rs 100,000 and by payment service providers up to a maximum of Rs 25,000. 
 

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Nepal Digital Payment Company, Nepal Telecom's affiliate, has sent a request to Nepal Rastra Bank (NRB) for a license to run a mobile cash facility. To run the digital payment service using a mobile number, the organization seems to have built up all the necessary facilities. Nepal Telecom will formally begin offering mobile money services in Nepal from the Nepal Digital Payment Company after acquiring the license.

Phase of Licensing

The mobile money directives were accepted by NTA approximately a year ago. Six months ago, Nepal Telecom got a letter of intent (LOI) from Nepal's Rastra Bank. According to the requirements of LOI, within six months of acquiring LOI, the organization needed to set up company facilities, hardware, and applications for running mobile money service. As a result, Nepal Digital Payment Company has applied for a license for digital payment using mobile cash after six months of planning.

As per the report, published in Kantipur Mr Dilli Adhikari, MD of Nepal Telecom, submitted a license application to the NRB on January 10. He also announced that the implementation process for technological frameworks, applications and legal infrastructure was complete.

Nepal Rastra Bank (NRB) will now track and issue approval for the company's overall scheme. This indicates that the Mobile Money Service of Nepal Telecom will run in the month of Falgun, 2077, as NRB control and authorization could take some time. Nepal Digital Payment Company is a joint venture formed with the approved capital of NRs between Nepal Telecom and Rashtriya Banijya Bank (RBB). Of 1 billion.

So far, the Top Digital Payment Wallets in Nepal are identified by many digital payment service providers in Nepal. Nepal Digital Payment Company may be the pioneer in Nepal's digital payment field with the licensing and launch of the mobile money service, if anything goes according to the scheme.

There are different fascinating aspects of the mobile money app, such as providing a wallet attached to the mobile number itself.

How do they handle the balance in the Mobile Cash Department?

They will hold two different wallets or account for your mobile number, as they are known. One is for the daily smartphone balance (main balance) and another is for the wireless money wallet to be used. Taxable sums such as VAT, telephone operation fees and cell ownership fees are added to the key balance, according to the source. Therefore, to prevent tax inclusion in the wallet portfolio, the primary balance would not combine with the wallet fund.

For now, you will have the option of using a recharge card to load mobile cash. During recharging, we may opt either to retain the recharge number in the wallet or in the main balance.

Another feature is that a bank account connected to it is not provided by the service to conduct transactions. Many digital payment systems need a bank account to which they are connected. But the customer does not even need a bank account to use digital payments from the mobile money app. As well as the wallet fund, the customer can use the recharge card to recharge the phone balance. The smartphone balance will then be used to buy products and services, to pay taxes, to buy records, and so on.

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