लघुवित्तमा विद्यमान समस्या: मर्जरबाट समाधान निस्कला ?

  लघुवित्तमा विद्यमान समस्या:  मर्जरबाट समाधान निस्कला ?

Sep 12, 2019 

लेख | दृष्टिकोण

 

सन् १९९० को दशकमा उदार अर्थतन्त्रको उदयसँगै नेपालमा वित्तीय संस्थाहरूको स्थापनाका लागि इजाजत प्रक्रिया सरलीकरण भयो । वित्तीय सेवाको पहुँच विस्तार मार्फत मुलुकका ग्रामीण क्षेत्रमा बसोवास गर्ने आर्थिक तथा सामाजिक रूपले पिछडिएका जनसमुदायका लागि रोजगारी सृजना र आय वृद्वि आदि मार्फत जीवनस्तर सुधारमा बंगालादेशका लघुवित्त संस्थाहरूले उल्लेख्य योगदान पुर्‍याएकोे मोडल अनुसरण गर्दै ग्रामीण विकास बैंकहरूको स्थापना गरी नेपालमा लघुवित्त क्षेत्रको स्थापना गरेको पाइन्छ । 

लघुवित्त वित्तीय संस्थाहरू २०७५ चैत मसान्तसम्म मुुलुुकका ७७ जिल्लामा ८९ संस्थाका ३ हजार ४१२ शाखाबाट लघुवित्त वित्तीय संस्थाको सेवा पुगिसकेको छ । लघुवित्त सेवाप्रदायकहरूको कुल सम्पत्ति/दायित्व २०७५ चैत मसान्तसम्ममा रू. २ खर्ब ५४ अर्ब पुगेको छ । त्यसै गरी कुल कर्जा तथा सापट रू. २ खर्ब १७ अर्ब पुगेको छ । 

यी मध्ये कतिपय संस्था वाणिज्य बैंकजस्तै सक्षम छन् भने कतिपय संस्थामा स्थायित्व सकंट समेत देखिएको छ । लघुवित्त वित्तीय संस्थाहरूको संख्या बढ्दै गएको परिप्रेक्ष्यमा विविध प्रगतिका हुँदाहुँदै पनि आज लघुवित्त क्षेत्रमा उल्लेख्य समस्या रहेका छन् ।

सेवा विस्तार 
लघुवित्तको सेवा विस्तार सकारात्मक नै भए पनि सोचे अनुरूप भएको छैन । सेवा विस्तारका लागि विविध अड्चनमध्ये मुलुकको भौगोलिक विकटताका प्रमुख हो । पहाडी र हिमाली क्षेत्रले देशको ८३ प्रतिशत भूभाग ओगटेकोमा सो क्षेत्रका अधिकांश भूभागमा अझै पनि सडक, बिजुली, यातायात, सञ्चार, सुरक्षा जस्ता वित्तीय सेवा विस्तारका लागि अत्यावश्यक पूर्वाधार दयनीय अवस्थामा छन् । 

साथै, ग्रामीण जनतामा वित्तीय साक्षरताको स्तर कमजोर भएकाले कर्जा प्राप्त गर्ने र त्यसलाई परिचालन तथा सदुपयोग गर्ने क्षमता कमजोर छ । यीबाहेक कमजोर सुरक्षाका कारण विकट क्षेत्रमा सेवा पुर्‍याउन गाह्रो भएको छ । 

कर्जा दोहरोपन 
लघुवित्त संस्थाहरूका लागि कर्जा सूचना प्रदान गर्ने संयन्त्रको अभावका कारण एकै व्यक्तिले विभिन्न संस्थावाट कर्जा लिई कर्जा नतिर्ने तथा संस्थाको सम्पत्ति दुरुपयोग गर्ने घटनाहरू असंख्य मात्रामा आइरहेका छन् । उच्च मुनाफाबाट प्रेरित भएर अस्वस्थ्य प्रतिस्पर्धाका कारण फरकफरक संस्थाले एउटै ऋणीलाई कर्जा प्रवाह गर्ने होडबाजीले दोहोरोपना बढ्दै गएको छ । आर्थिक वर्ष (आव) २०७६/७७ को बजेट वक्तव्यले लघुवित्तको कारोबारलाई कर्जा सूचना केन्द्रको दायरामा ल्याउने व्यवस्था गरेको र त्यसको प्रभावकारी कार्यान्वयन हुन बाँकी रहेको देखिन्छ । 

उच्च ब्याजदर 
पूँजीको लागत बढी हुने कारणले लघुवित्त संस्थाले कर्जामा लिने ब्याजदर पनि बढी हुने गरेका छ । यस अतिरिक्त ग्रामीण घरदैलोमा नै ग्राहकलाई वित्तीय सेवा प्रदान गर्नैपर्ने, कर्जा लिने ग्राहकलाई तालीम, शीप आदि दिनुपर्ने कारणले कर्जाको ब्याज बढी हुँदै जान्छ । 

वित्तीय स्रोतका लागि बैंकिङ क्षेत्रसँग भर पर्नुपर्ने भएकाले पनि कोषको लागत उच्च भएको देखिन्छ । हाल लघुवित्त वित्तीय संस्थाहरूले १८ प्रतिशत हाराहारीमा कर्जा उपलब्ध गराइरहेका छन् । वाणिज्य बैंकहरूबाट १२ देखि १४ प्रतिशतसम्म कर्जा लिएर लगानी गर्दा ४ प्रतिशत मार्जिन मात्र राख्दा पनि सो ब्याजदर पुग्छ । 

एकातिर ब्याजदर उच्च छ भने अर्कातिर संस्थाको मुनाफा अस्वाभाविक भएकाले ब्याजदर नै अस्वाभाविक हो कि भन्ने विवाद छ । यसर्थ स्रोतको उचित व्यवस्थापन गर्दै लघुवित्त वित्तीय संस्थाको ब्याजदरलाई एक वाञ्छित सीमाभित्र राख्न जरुरी छ । यसो गर्दा हामीले लघुवित्तका माध्यमबाट चाहेको जीवनस्तर वृद्घि र गरीबी न्यूनीकरणमा परिणाममुखी उपलब्धि प्राप्त गर्न सक्ने अवस्था सृजना हुन्छ । 

स्रोत संकलनको दायरा 
सर्वसाधारणबाट बचत संकलन गर्न हाल दुई संस्थाले मात्र अनुमति पाएका छन् । लघुिवत्त संस्थाहरूले आफ्नै सदस्यबाहेक सर्वसाधारणबाट बचत लिन सक्दैनन् । स्रोत अभावको पूर्तिका लागि सर्वसाधारणबाट बचत संकलन गर्न पाउनुपर्ने माग निकै लामो समयदेखि रहिरहेको छ । 

अहिले सर्वसाधारणबाट बचत स्वीकार गर्ने लघुवित्त संथाले कुल बचतको २ प्रतिशत रकम र सर्वसाधारणबाट बचत स्वीकार नगर्ने लघुवित्त संस्थाले शून्य दशमलव ५ प्रतिशत रकम अनिवार्य नगद मौज्दात राख्नुपर्ने प्रावधान छ । लघुवित्त संस्थालाई सर्वसाधारणको बचत संकलन गर्न दिँदा नेपाल राष्ट्र बैंकको प्रावधान अनुसार विना ब्याज रकम राख्नुपर्ने सीमा बढ्नेछ ।  

साथै, पछिल्लो चरणमा आएर बैंक तथा वित्तीय संस्थाहरूले आफ्नै सहायक कम्पनीका रूपमा लघुवित्त संस्थाको स्थापना गरेका छन् । यसले गर्दा स्रोत अभावको समस्या भएको र यसबाट लघुवित्त संस्थालाई विपन्न वर्ग अन्तर्गत जाने कर्जाको स्रोत साँघुरिने देखिन्छ किनकि आफ्नै संस्थालाई कर्जा प्रवाह गरेर स्रोतको सुनिश्चितता गर्नुपर्ने हुन्छ । 

संस्थागत सुशासन
अधिकांश लघुवित्त संस्थाहरू संस्थागत सुशासनको विषयमा कमजोर देखिएका छन् । संस्थाको सञ्चालक समितिमा योग्य व्यक्तिको चयन हुन नसक्नु, उपलब्ध व्यक्तिहरूमा बैंक तथा वित्तीय संस्थाका बारेमा यथेष्ट जानकारी नहुनु, संस्थाका स्रोतसाधनलाई व्यक्तिगत कार्यमा प्रयोग गर्नु, उच्च मुनाफाद्वारा उत्प्रेरित भई कर्मचारीहरूलाई व्यवसाय विस्तारका लागि अनुचित दबाब दिनु, कर्मचारीहरूको वृत्ति विकास, सरुवा, बढुवामा विधिसम्मत रूपमा काम नगर्नु आदि समस्या छन् । 

यसैगरी कर्मचारीहरूको हकमा क्षमतावान् कर्मचारीहरूको अभाव रहनु, बैंकको रकम अपचलन गर्ने, पद तथा संस्थाको सम्पत्तिको दुरुपयोग गर्ने, कर्जा सीमाभन्दा बढी कर्जा प्रवाह गर्ने, आवश्यक प्रक्रिया पूरा नगरी लापरबाहीपूर्ण तरीकाले कर्जा लगानी तथा असुली गर्नेे आदि क्रियाकलापलेसंस्थागत सुशासन कमजोर हुँदै गएको छ ।

मर्जर तथा प्राप्ति 
बैंक तथा वित्तीय संस्था स्थापनालाई प्रतिष्ठासँग जोड्ने चलनले लघुवित्त नै भए पनि स्थापना गरौं न भन्ने सोचाइका कारण लघुिवत्त संस्थाको संख्या बढेको हो । ‘पानी धेरै परेपछि खोला धेरै धमिलो हुन्छ’ भनेझैं लघुिवत्त क्षेत्रमा पनि संख्यात्मक वृद्धिका कारण उल्लेख्य समस्या आइरहेका छन् ।

चुक्ता पूँजी पुर्‍याउन नसक्नु, स्रोतको अभावमा कर्जा लगानी गर्न नसक्नु, गुणस्तरीय जनशक्तिको अभाव तथा भएका कर्मचारीको उचित व्यवस्थापन गर्न नसक्नु, कर्मचारी खर्चमा वृद्धि, नियमनकारी निकायको नीतिगत परिधिभित्र बस्न नसक्नु, संस्थागत खर्चमा मितव्ययी हुन नसक्नु, सूचनाप्रविधिमा उच्च खर्च आदि कारणले लघुवित्त क्षेत्रमा अझ अप्ठ्यारो दिन नआउला भन्न सकिँदैन । साथै लघुिवत्तहरूले विना धितो कर्जा प्रवाह गर्ने भएकाले सो कर्जासँग सम्बद्ध भएर आउने जोखिम उच्च हुन्छ । त्यसैले यस्तो कर्जा जोखिमका कारण थोरै चुक्ता पूँजी हुने संस्थाहरूलाई गाह्रो अवस्था आउन सक्छ । 

अतः लघुिवत्तको क्षेत्रमा मर्जरको अझ ठूलो सान्दर्भिकता छ । यसका लागि नेपाली अर्थतन्त्रले धान्ने आकारमा ल्याउने गरी नेपाल राष्ट्र बैंकले केही वर्षयता बैंक तथा वित्तीय संस्थाहरूको मर्जर सम्बन्धी नीति अंगीकार गरेको । मौद्रिक नीतिले समेत साबिकका सहुलियतमा थप छूटको व्यवस्था गरी सो नीति जारी राखेको छ । सहुलियतको आधारमा संख्या नघटेमा आगामी दिनमा नेपाल राष्ट्र बैंकले बाध्यात्मकारी मर्जर नीति नल्याउला भन्न सकिँदैन ।

उच्च आर्थिक वृद्धितर्फ अग्रसर भइरहेको हाम्रो अर्थतन्त्रको वृद्धिदरलाई स्थायित्व प्रदान गर्न लघुवित्त क्षेत्रको ठूलो भूमिका छ । रोजगारी वृद्धि, गरीबी निवारण, आय आर्जनमा वृद्धि, महिला सशक्तीकरण, साक्षरता वृद्धि, सामाजिक चेतना वृद्धि, आदिद्वारा सामाजिक, आर्थिक रूपान्तरणमा लघुवित्त क्षेत्रको उल्लेखनीय भूमिका हुने कुरामा द्विविधा नहोला । यसर्थ माथि उठेका मुद्दाहरूको आवश्यक सुनुवाइका निमित्त सरोकारवालाहरूको सक्रिय सहभागिताबाट प्रयास गर्न नितान्त जरुरी छ । लघुवित्त क्षेत्रलाई स्वच्छ, स्वस्थ, व्यवस्थित र मर्यादित बनाउन सरकार तथा नियमनकारी निकाय, लघुवित्त संस्थाहरू, सम्पूर्ण लघुवित्तकर्मी र सरोकारवालाहरूले उचित ध्यान दिनुपर्छ ।

लेखक नेपाल राष्ट्र बैंकका सहायक निर्देशक हुन् ।

 Published in Arthik Abhiyan National Daily on Sep 12, 2019.

Positive Outlook of the Monetary Policy 2076/77

It is obvious for the stakeholders to have an interest in the to-be introduced the monetary policy.   Besides the rumors about "Big Mergers" and "Forced Merger" increased curiosity regarding the policy. Amidst all the rumors and curiosity, the much-awaited Monetary Policy of 2019/20 was released on July 22, 2019.

Recently presented Monetary policy aims to capitalize on the achievement to date and also aims to address the emerging concerns prevalent in the contemporary banking and financial sector of the country. 

In contrast to widely popular belief that monetary policy would proactively propagate the notion of forced merger/acquisition, the central bank has proposed an amicable offer to promote the merger and acquisition of the banks and financial institutions(BFIs).

Generally, the monetary policy aims to achieve three major objectives: control inflation, maintain fiscal stability, and assist the growth target of the government envisioned by the fiscal policy. In this connection, the monetary policy 2019/20 aims to move in the same direction. It has adopted a balanced approach and seems promising. The analysis has been presented under the following four headings.

1.    Interest Rate Stability

The appropriate rate of Interest has always been a topic of discussion and debate. The suppliers of funds expect to get an adequate return on their hard-earned money. Whereas the users of the funds like industrialists and businessmen always claim the interest rate to be exorbitant. Though the determination of interest rate is not within the sole control of the Central bank, it can devise policy measures to ensure the stability of the interest rate. The Central bank seems to be moving towards the attainment of the interest rate stability.  For eg, the data of the last three year shows such direction.

Interest rate(Weighted Average)	2073 Ashad	2074 Ashad	2075 Ashad
Deposit	3.3	6.20	6.50
Loan	8.9	11.30	12.50
Average Base Rate	6.50	9.90	10.47

Ability to stabilize the rate of interest will benefit both the depositors and the borrowers. Similarly decreasing the spread rate to 4.4%(from the existing rate of 4.5%) in accordance with Financial Sector Development Strategy, decreasing the Lender of Last Resort(LOLR) rate to 6% from the existing 6.5%, etc indicate the measures by the central bank to ensure that the interest rate will remain within the acceptable limit. Likewise raising 25% of the bank's paid-up capital as debentures will enhance the capacity of the BFIs to invest for a longer period while ensuring the stability of the interest rate.  The policy has also made a downward revision of the refinance rate and has barred the BFIs to charge more than 2% to the base rate for the SME loans, it has also allowed the BFIs to accept Deposits from foreign corporate and Non-Resident Nepalese for a minimum period of two years. With the above-mentioned measures, the central bank has made ample effort to ensure stability of the interest rate while also expanding the banking instruments.

2.  Financial Consolidation

The policy has encouraged willful mergers and acquisitions of BFIs. For a bank entering into merger/acquisition, various facilities have been offered such as; extended time limit up to 2078 Ashad to meet sectoral lending in agriculture, energy, and tourism sector and to maintain spread rate of 4.4%, such banks do not have to take permission from Nepal Rastra Bank to open branches, and waiver of cooling period provision for the Chief Executive Officer and the Board of Directors. Similarly, it has also announced privilege for the Microfinance financial institutions entering into merger/acquisition. Similarly, the policy also puts light on the need for merger/acquisition of institutions with cross-holdings, regulation, and supervisions of Systematically Important Banks (SIBs), etc. All these measures will strengthen the capacity of BFIs to absorb risk, enhance lending capacity, cut duplicating costs, etc. 

3.   Financial Inclusion and Consumer Protection

The policy is step-forward to escalate the level of financial inclusion in the country. In line with the objective of ensuring broader financial inclusion, the policy has aimed towards establishing banking channels to all 6743 ward of 753 local levels. BFIs now can open Branches less banking agents without the approval of the central bank. This initiative is more likely to bring a huge volume of unbanked/underbanked population within the banking network.

Similarly, BFIs now need to develop an audio notice board to transmit the information about their service offerings to the public without transferring any cost to the customers. They also need to develop their website in Nepalese languages. Most importantly the policy has decided to establish the Financial Consumer Protection Unit to address the grievance of both the depositors and the borrowers.  All these measures will improve the situation of financial inclusion and consumer protection in the country.

4.   Supporting growth initiative of Government

With the enforcement of the Federal Constitution of Nepal 2015, the country has entered into a phase of political stability. The present government has a strong mandate for 5 years of which significant time period is left. In such a situation, the executive can steer the economy in a strong growth trajectory.

To create the climate conducive to growth the policy is directed towards containing the inflation rate to 6 % while taking into account the growth objective of 8.5%. It has aimed to increase the sources of deposits for the BFIs and also aimed to decrease the lending rate. 

The demand for credit has been increasing, and time and again banks have been facing loanable funds scarcity. In such a situation, the goal should be to increase the sources of the fund while also to decrease the rate of interest. The policy has adopted flexibility regarding the sources of the funds from abroad, eg: deposits from Pension funds, hedge funds, etc can also be brought, issues of debenture of at least 25% of the paid-up capital of BFIs, etc.  Measures to decrease interest rates are: decreasing the LOLR to 6% from erstwhile rate of 6.5%, a downward revision of the interest rate of general refinance and special refinance facility, decreasing the spread from 4.5% to 4.4%, etc. Similarly, the policy has continued earlier provisions relating to priority sector lending and deprived sector lending, ensure the effectiveness of the refinance via a refinance policy, etc. All these measures will generate adequate resources to support the growth target of the government.

Conclusion

Nepal has a robust banking and financial industry. The increase in the presence of BFIs at the local level has largely increased financial access and inclusion. However, the concerns of interest rate fluctuations, credit allocation, customer grievances, the effectiveness of refinancing, etc have been a topic of debate. The monetary policy aims to address all these issues and thus enhance the stability of the banking and financial system, while also enhancing the trust of the general public in overall banking. As such monetary policy is forward-looking and optimistic.

  

वित्तीय समावेशिताको विस्तार

वित्तीय समावेशिताको विस्तार
     वित्तीय प्रविधिको प्रयोग बढाउनु आवश्यक

Aug 15, 2019

लेख | दृष्टिकोण

कुनै पनि मुलुकको दिगो विकासका लागि वित्तीय समावेशिताको प्रमुख भूमिका हुन्छ । वित्तीय पहुँचको अभावमा जनजीवन समृद्विको मार्गमा अग्रसर हुन सक्दैन र हरबखत अस्थिरता र पछौटेपनको शिकार भइराखेको हुन्छ । देशको बहुसंख्यक जनतामाझ वित्तीय सेवाको पहुँच पुर्‍याउन नसक्दा सो देशको आर्थिक अवस्था समेत स्थायित्वबाट विमुख भइराखेको हुन्छ । अतः वित्तीय समावेशिता कुनै पनि देशको समग्र विकास र स्थायित्वका लागि अनिवार्य शर्त हो । 

नेपालमा वित्तीय समावेशिताको अवस्था दयनीय रहेको छ । सन् २०१७ को विश्व बैंकको तथ्यांकले नेपालमा वयस्क जनसंख्याको ४५ प्रतिशतको मात्र बैंकमा खाता भएको देखाएको छ । छिमेकी भारत र चीनमा भने ८० प्रतिशतभन्दा बढी युवाको बैंक खाता छ । 

वित्तीय समावेशिताको आवश्यकता
वित्तीय क्षेत्रको विकास, स्थायित्व र अर्थतन्त्रमा यसकोे योगदानलाई संस्थागत गर्न समेत वित्तीय समावेशितालाई बढाउन अपरिहार्य हुन्छ । वित्तीय समावेशिताले दिगो विकासको लक्ष्य प्राप्तिका लागि ठूलो योगदान गर्छ । यसले गरीबीको अन्त्य, भोकमरी निर्मूल, आरोग्य तथा कल्याण, लैंगिक समानता, मर्यादित काम तथा आर्थिक वृद्धि, उद्योग, नवीन खोज र पूर्वाधार, असमानता न्यून गर्ने र यी लक्ष्यका लागि साझेदारी गर्ने जस्ता १७ मध्ये ८ ओटा दिगो विकास लक्ष्य प्राप्त गर्न सहयोग गर्छ । यसकारण सन् २०३० सम्ममा मध्यम आय भएको मुलुकमा रूपान्तरित हुने योजनालाई यथार्थमा बदल्न नेपाललाई वित्तीय समावेशीकरणको आवश्यकता रहन्छ । 

उच्चतम वित्तीय समावेशिता भएका मुलुकका जनतामा आर्थिक अनुशासन हुन्छ । यसको अर्थ उनीहरूमा बचत, कर्जा, वित्तीय योजना, मितव्ययिता आदिको ज्ञान र सोलाई लागू गर्ने सामथ्र्य हुन्छ । बैंकिङ उपकरण, कारोबार, कर्जा, बीमा आदिमा अभ्यस्त हुँदै जाँदा मानिसहरू आर्थिक सम्पन्नताको बाटोमा अग्रसर हुँदै जान्छन् । जुन देशका बहुसंख्यक जनता आर्थिक रूपमा सचेत हुन्छन् त्यो देशमा आर्थिक विकास र समृद्वि निश्चित हुन्छ । यसका साथै वित्तीय समावेशिताले वित्तीय क्षेत्र तथा अर्थतन्त्रमा स्थायित्व ल्याउँछ । आन्तरिक स्रोतलाई बचत मार्फत परिचालन गर्न र सरकारी राजस्वको दायरालाई फराकिलो बनाउन योगदान गर्ने कुरा विभिन्न अध्ययनबाट पुष्टि भएको छ । यिनै कारणले गर्दा हाल विश्वव्यापी रूपमा वित्तीय समावेशिताको महत्त्व बढ्दै गएको हो । 

वर्तमान प्रयासहरू
वित्तीय समावेशिताको महत्त्वलाई मनन गर्दै हाम्रो मुलुकले विभिन्न प्रयास गरिरहेको छ । वित्तीय समावेशिताको दायरालाई फराकिलो बनाउन देशको सम्पूर्ण स्थानीय तहमा वाणिज्य बैंकको शाखा स्थापना गर्ने नीति बमोजिम ७५३ स्थानीय तहमध्ये २१ ओटा तहमा शाखा पुग्न बाँकी रहेको छ । सम्पूर्ण स्थानीय तहमा शाखा सञ्जालको स्थापना पछि आमजनताले आफ्नो घरआँगनमै बैंकिङ सेवासुविधा पाउने सुनिश्चितता हुन्छ । सो बाहेक विकास बैंक, फाइनान्स कम्पनी तथा लघुवित्त वित्तीय संस्थाको माध्यमबाट पनि वित्तीय सेवा प्रदान भइरहेकाले जनतालाई छनोटको अवसर प्राप्त हुन्छ । 

यसबाहेक मोबाइल बैंकिङ, इन्टरनेट बैंकिङ, एटीएम, वालेट, क्युआरकोड जस्ता प्रविधिका नवीनतम उपकरणबाट पनि छरिएर रहेको जनसंख्यालाई वित्तीय दायरामा ल्याउने प्रयास भइराखेको छ । विद्युतीय उपकरण अथवा फिनटेकका माध्यमबाट वित्तीय समावेशिताको सीमा अझ व्यापक बनाउने वर्तमान प्रयास अझ सार्थक बनाउन सकिन्छ । 

नेपाल सरकारको कर्मचारीको तलबभत्ता बैंकिङ प्रणाली मार्फत मात्र दिने लक्ष्यअनुरूप बैंक तथा वित्तीय संस्थामा खाता खोल्न अनिवार्य गरेको छ । यसका साथै सरकारले वृद्धभत्ता, अपांग भत्ता, एकल महिला भत्ता जस्ता सामाजिक सुरक्षाको रकम, अनुदान, रकमान्तर आदि बैंकिङ प्रणालीबाटै गर्ने भएकाले पनि हालसम्म वित्तीय पहुँचबाट टाढा रहेका ठूलो वर्गलाई बैंकिङ मूलधारमा ल्याउन सहयोग गर्छ । यी प्रयासले बैंक तथा वित्तीय संस्थाको सेवाको माग बढाउने निश्चित छ । यसर्थ बैंकिङ पहुँचको विस्तारसँगै सरकारले पारस्परिक मागलाई समेत बढाउन विभिन्न प्रयास गर्दै आएको छ ।

सबै नेपालीको बैंक खाता अभियान चलाएर बैंक तथा वित्तीय संस्थामा खाता खोल्न सहज बनाइएको छ । खाता खोल्न पेश गर्नुपर्ने कागजातमा सरलीकरण गर्नुका साथै खोलिएका खातामा सम्बद्ध बैंक तथा वित्तीय संस्थाले आफ्ना तर्फबाट रू. १०० जम्मा गरिदिने र सो रकमलाई संस्थागत सामाजिक उत्तरदायित्व शीर्षकमा गणना गर्नुपर्ने व्यवस्था लागू गरिएको छ । यसबाट खाता खोल्ने अभियानले अझ सफलता पाउने अपेक्षा गर्न सकिन्छ ।

बैंक शाखा तथा विद्युतीय माध्यमबाट देशको दुर्गम स्थलसम्म बैंकिङ सेवाको विस्तार गर्दै लैजाने र वित्तीय समावेशितामा सुधार गर्ने लक्ष्यअनुरूप सरकारले काम गरिरहेको देखिन्छ । बैंकिङ सुविधा जनस्तरमा सहज र सर्वसुलभ बनाउन नेपाल राष्ट्र बैंकले भौतिक शाखामा मात्र भर नपरीकन विद्युतीय माध्यमको प्रयोगलाई समेत प्रोत्साहन गर्ने नीति अवलम्बन गरेको देखिन्छ । भुक्तानीका लागि विद्युतीय माध्यमको प्रयोगलाई विस्तार गर्ने योजनालाई नेपाल सरकारको बजेटले समेत समेटेको छ । सोही नीतिलाई अंगीकार गर्दै नेपाल राष्ट्र बैंकले हालै सार्वजनिक गरेको मौद्रिक नीतिमा समेत यस सम्बन्धी प्रावधान प्रस्ताव गरिएका छन् । नेपाल सरकार र नेपाल राष्ट्र बैंकले विद्युतीय माध्यमको प्रयोगबाट वित्तीय समावेशितालाई बढाउँदै लैजाने नीतिलाई उच्च प्राथमिकतामा राखेको पुष्टि हुन्छ । 

मोफसलबाट शेयर कारोबारको सञ्चालन, बैंकलाई ब्रोकर लाइसेन्स, अनलाइन शेयर कारोबार आदिले शेयर बजारमा पनि जनताको पहँुचलाई बढाउनेछ । साथै, बीमा कम्पनीको संख्यामा वृद्धि तथा शाखा विस्तार जस्ता कार्यले विमामा सर्वसाधारणको अभिरुचि बढिरहेको छ । यस्ता कार्यक्रम मार्फत सर्वसाधारणले वित्तीय सेवा तथा सुविधा उपभोग बढाउँछन् । यस्तो वृद्धिको कारण वित्तीय समावेशितामा सुधार हुँदै जाने देखिन्छ । सर्वसाधारणको पहुँच अभिवृद्धि गर्न पहल गर्दा सेवाको खपत पनि सोही अनुरूप सुनिश्चित गर्नका लागि नेपाल राष्ट्र बैंकले वित्तीय साक्षरता सम्बन्धी कार्यक्रमलाई अभियानका रूपमा सञ्चालन गर्दै आएको छ ।

अबको बाटो
वित्तीय समावेशिता बढाउन नेपाल राष्ट्र बैंक तथा नेपाल सरकारले योजनाबद्ध रूपमा समन्वय गर्दै विभिन्न सार्थक प्रयासहरू प्रयोगमा ल्याएको छ । यसमा परम्परागत शाखा विस्तारका साथै फिनटेक अथवा विद्युतीय भुक्तानीका माध्यमबाट पनि वित्तीय समावेशिताको वृद्धिका योजना लागू भइरहेको छ । आधुनिक समयको मागअनुसार विद्युतीय माध्यमबाट वित्तीय समावेशितामा अग्रगामी फड्को मार्न सकिने उदाहरण चीन, केन्या जस्ता मुलुकको अवस्थाको अध्ययन गर्दा पुष्टि हुन्छ । छोटो समयमै यी मुलुकले फिनटेकका माध्यमबाट वित्तीय समावेशिता उच्च तहमा पुर्‍याइसकेका छन् । यसैगरी छिमेकी देश भारतले बायोमेट्रिक कार्डमा आधारित भएर छोटो समयमा नै ३४ करोड खाता खोली वित्तीय समावेशिता ८० प्रतिशतमा पुर्‍याएको छ । 

हाम्रो मुलुकले पनि विभिन्न नवीनतम नीतिगत व्यवस्था गरेर वित्तीय समावेशितामा सुधार ल्याइरहेको छ । भारतमा प्रयोग भएको बायोमेट्रिक कार्ड जस्ता प्रविधिको आधारमा वित्तीय सेवा प्रदान गर्न सकेमा नेपालमा पनि छोटो समयमा नै वित्तीय समावेशिताको दायरा बृहत् बनाउन सकिनेमा दुईमत नहोला । 

 लेखक नेपाल राष्ट्र बैंकका सहायक निर्देशक हुन् ।

Published in Arthik Abhiyan National Daily on Aug 15, 2019.

Payment Systems in Nepal

Payment Systems in Nepal        

                    

Payment and Payment Systems

The action or process of paying someone in lieu of something is known as payment. It is one of the crucial functions executed by banks and financial institutions. Smooth operation of the payment functions not only helps the bank and financial institutions to ensure their swift operation but also that of the counterparties.

Besides accepting deposit, payment has been one of the crucial function that the banks and financial institutions have been carrying out since time immemorial. In the modern era, use of IT has been integral to simplify the complex mechanism of payment. As such the infusion of IT in Payment to make the whole process simple and swift is known as Payment Systems. More technically, a payment system is defined as an arrangement which allows transfer of funds between the payee and payer. It comprises of the institutions, instruments, people, rules, procedures, and technologies that enables the funds to move from accounts maintained in one financial institutions to another.

Rationale of Effective payment system

Payment systems is an integral part of every country’s financial system. The status of the payment system of the country can be taken as an indicator of the health/status of the economy of the country. 

A modern payment systems will not only reduce the cost of commerce but also help to improve the government budget balance by increasing tax revenue collection. As such there is an enormous role of payment system to ensure the smooth functioning of the economy. A modern payment system is beneficial for all concerned because of the following reasons:  

1.      An effective payment system ensures the soundness of monetary policy implementation and capital market development.

2.      It ensures that the cost of transfer of fund from one party to the other is minimized, thus reducing the cost of business transactions.

3.      It ensures quick realization of revenue by business firms and the government.

4.      A well developed and regulated payment system ensures transparency and also helps mitigate the money laundering process.

5.      Enhanced payments system also saves the users from risk of loss and theft.

6.      It also saves the central bank from the great deal of expenses required for circulating of the physical cash to various parts of the country, etc.

Current status of Payment Systems in Nepal

Payments institutions and mechanisms are integral component of payments landscape. The Payment System of Nepal is dominated by the banks and financial institutions However to develop and strengthen payment systems in Nepal, Nepal Rastra Bank established a Payment Systems Department on 2^nd July 2015, in accordance with the spirit of NRB Act and entrusted the department with the sole authority of regulation, supervision and oversight of the entire payment system in the country, including the non-bank financial institutions also.

In Nepalese context payments tools like cards, internet banking, mobile banking, e-wallets etc. are popular tools for the payment of retail value amount. Similarly, the users are availing Electronic Cheque Clearance (ECC), Interbank Payment System (IPS), SWIFT (Society for Worldwide Interbank Financial Telecommunication), etc for the payment of transactions of large value.

Though it has been quite some period of time that Nepal has been using the modern means of payment systems, the volume of such use isn’t in significant number. However, though slow, the number of such users is increasing.

One key player in the payment systems domain of Nepal is NCHL (Nepal Clearing House Limited) that was established under the leadership of NRB in 2008 to enable electronic cheque clearing thus eliminating the need of physical routine of paper cheques. NCHL as of now has been offering services such as Electronic Cheque Clearance (ECC), which earlier was being manually handled by NRB. The number of cheques being processed via NCHL has been increasing. It cleared 96,86,277 cheques in the FY 2074/75, with daily cheques of 40,756 being processed and the average value of such cheques being Rs 26.6 billion. NCHL has also been offering services such as IPS (Inter Bank Payment) and now with Connect IPS which acts as a single platform for the users to initiate their payment transactions via their bank accounts.

Nabil Bank introduced Credit Card for the first time in Nepal in 2044 BS. Similarly Automated Tailor Machine (ATM) was introduced by Himalayan Bank in the year 2047 BS. Likewise Internet Banking was introduced in Nepal by Kumari Bank in 2047 BS, and it was Laxmi Bank that started SMS Banking in the year 2061 BS.

The use of mobile banking service offered by banks and financial institutions has been increasing. Such services allows the customers to conduct financial transactions remotely using a mobile device such as smartphone or tablet. Similarly users are also availing internet banking, also known as online banking or simply e-banking, which is electronic payment that enables the customer of banks and financial institutions to conduct a range of financial transactions through the website of the service providers. Likewise there has also been significant increase in the number of users of the debit cards. The increase in the outlets of ATM (2791 as of FY 2074/75) terminals along with the convenience to use them in Point of Sales (POS) machine has increased the popularity of the use of debit cards. The graph below depict the recent status of users of mobile/internet banking and debit card users.

    

Existing Legal Framework

Development of a robust Payment System has been one of the key priority of both the Government of Nepal and the Central bank of the country, Nepal Rastra Bank.  For example, the NRB’s second strategic plan of 2012—2016 included payment systems and mechanisms as one of its seven strategic pillars. Continuity to the second strategic plan, third strategic plan 2017-2021 has focused on pillar as “Sound and Effective Payment System".

The role of NRB has been directed towards the developing financial market infrastructures and promoting electronic payment systems.  As one of the primary functions of the Central bank as per NRB Act, 2002 is “to develop a secure healthy and efficient systems of payments”, NRB has been performing in the same spirit.

In this connection, NRB has established a separate Department on 2072/3/17 in the name of Payment Systems Department. This department is the revamping of the earlier known as Payment and Settlement Department, with power to regulate, inspect, and supervise payment, clearing and settlement arrangement related activities in Nepal. 

Nepal Rastra Bank as of now has formulated and implemented Banks and Financial Institution Act, 2073, National Payment System Development Strategy 2014, Licensing policy for Payment Related Institutions 2073, Payment Systems Oversight Framework 2018, Payment and Settlement Bylaw 2072, Payment and Settlement Act is under review in Federal Parliament, and it has also issued 7 different directives to guide and direct payment systems related activities in Nepal.

Way forward

The overall ambience is much conducive for igniting a take-off phase of payment systems in Nepal. The internet penetration is 63% of total population as per date of October 2017, an increase of 15.60% than that of the last year. Similarly the number of mobile phone users in the country is 34% higher than the total estimated population of the country as per data furnished by NTA on Ashad, 2075. Likewise the development of Payment Systems has been on topmost priority of both Government of Nepal and the Nepal Rastra Bank.

As development of an efficient and robust payment systems is in top priority of the central bank of Nepal, and also that of Government of Nepal, NRB together with stakeholders has been introducing and implementing various alternatives for promotion of the same.

NRB has been focusing on the licensing of the institutions that intend to provide payment related services. It has been providing license in two categories as PSP (Payment Service Providers) and PSO (Payment Service Operators). As of date it has provided license to 41 Banks and Financial institutions, and to 5 non-Banks and Financial institutions, and has provided Letter of Intent to 25 institutions. The number of such service providers is likely to increase in the days to come.

NRB has proposed a module of National Payment System which consists integrated RTGS and CSD. Such a system encompasses RTGS linked to the Ministry of Finance (MOF), Customs, and Inland Revenue Department (IRD) via core banking.  Similarly it has placed a full-fledged regulatory framework and Payment System ACT is under review in the federal parliament. NRB has also focused on the interoperability of payment systems and tools so as to reduce the cost of using such tools and also to facilitate convenience. As such the future is optimistic regarding moving towards a cash less economy.

(The writer is Assistant Director in Nepal Rastra Bank and the view presented in this article is his personal one and doesn’t represent the view/opinion of the organization to which he is related to)

Reference:

·         Sixty Years of Nepal Rastra Bank, NRB Baluwatar, 2018

·         nrb.org,np

·         Nepal Clearing House Limited. Overview. Nepal Clearing House limited website(online), 2011

·         NRB 2011 Second Strategic Plan (2012-2016)

Published in "LakshyaYatra", an annual publication of Rastriya Banijya Bank Ltd, Employee Union, December-2018

अबको बाटो डिजिटल बैंकिङ, Jul 29, 2019

अबको बाटो डिजिटल बैंकिङ

                                                                                                              July 29, 2019

लेख | दृष्टिकोण

वित्तीय समावेशिताको आधार तय गर्ने नयाँ उपकरण

अमिष ढुंगेल

सोह्रौं शताब्दीमा बैंक अफ इङल्यान्डको स्थापनासँगै आधुनिक बैंकिङको शुरूआत भएको मानिन्छ । प्राचीन कालदेखि नै आधारभूत बैंकिङ कारोबारका लागि समेत विभिन्न उपकरणको प्रयोग भइरहेकोमा आधुनिक बैंकिङसँगै यसमा नवीनतम उपकरणहरू थपिएका छन् । सन् १९७० को दशकमा बैंकिङ क्षेत्रमा कम्प्युटरको प्रयोग शुरू भएकोमा सन् १९८० को दशकमा सोको प्रयोग आधारभूत आवश्यकताका रूपमा विकास भएको थियो । अझ १९९० मा एक आश्चर्यका रूपमा विकसित भएकोे इन्टरनेट प्रविधिले दशकौंदेखि चलिआएको बैंकिङ प्रणालीमा क्रान्तिकारी रूपान्तरण ल्यायो । हाल कम्प्युटर र इन्टरनेटको प्रयोगविना बैंकिङ कारोबार सञ्चालन गर्नु कल्पनाभन्दा परको कुरा हुन गएको छ । 

विश्वव्यापी रूपमा आधुनिक प्रविधिमा आधारित बैंकिङ प्रणालीमा भएको आमूल परिवर्तनको कारण नेपाली बैंकिङ क्षेत्रमा समेत क्रमिक रूपमा परिवर्तन आएको छ । सन् १९९५ मा हिमालय बैंकले एटीएमको थालनी गर्नु, सन् २००१ मा कुमारी बैंकले ई–बैंकिङको थाल्नु आदि यही परिवर्तनको सूचक हो । पश्चिमा मुलुकहरूमा प्रयोगमा आएका÷आउने प्रविधि नेपालमा तुरून्तै भित्रिने अवस्थाको सृजना भएको छ । हाल नेपाली बैंकिङ क्षेत्रमा विभिन्न प्रकृतिका आधुनिक भुक्तानी प्रणालीका उपकरणहरू जस्तै डेविट कार्ड, क्रेडिट कार्ड, प्रिपेड कार्ड, मोबाइल बैंकिङ, इन्टरनेट बैंकिङ, पोइन्ट अफ सेल मेशिन, प्वाइन्ट अफ ट्रान्ज्याक्शन मेशिन, नियर फिन्ड कम्युनिकेशन कार्ड, क्यूआर कोड, इलेक्ट्रोनिक चेक क्लियरेन्स आदिको प्रयोगले पनि सो कुरालाई प्रमाणित गर्छ । नेपाली भुक्तानी प्रणालीलाई अझ सरल, व्यवस्थित र भरपर्दो बनाउन नेपाल राष्ट्र बैंकले रियल टाइम ग्रस सेटलमेन्टको स्थापनालाई अन्तिम चरणमा पु¥याएको छ भने राष्ट्रिय भुक्तानी प्रणाली स्थापनाका लागि पनि अध्ययन गरिरहेको छ । 

विद्युतीय उपकरणहरूको बढ्दो प्रयोगले दैनिक जनजीवनलाई सहज एवम् सरल बनाए तापनि ती उपकरणको प्रयोगबाट विभिन्न प्रकृतिका जोखिम आउन सक्ने सम्भावना रहन्छ । भविष्यमा आउन सक्ने जोखिमको मूल्यांकन गरेर नेपाल राष्ट्र बैंकले आधुनिक भुक्तानी प्रणालीलाई व्यवस्थित गर्दै जोखिम न्यूनीकरण गर्न भुक्तानी प्रणाली विभाग गठन गरेको छ । उक्त विभागले भुक्तानी प्रणालीको नियमन तथा सुपरिवेक्षण र पारदर्शी एवम् सहज भुक्तानीको सुविधा प्रदान गर्ने कार्यलाई उच्च प्राथमिकतामा राखी कार्यसम्पादन गर्दै आएको छ । विसं २०७६ जेठ अन्त्यसम्म बैंकले ४६ बैंक तथा वित्तीय संस्थालाई विद्युतीय भुक्तानी कार्यका लागि अनुमति पत्र दिएको छ । पाँच गैरबैंकलाई भुक्तानी सेवाप्रदायकको कार्य र चार गैरबैंकलाई भुक्तानी प्रणाली सञ्चालककोे कार्यका लागि अनुमतिपत्र दिइसकेको छ ।

बैंक तथा वित्तीय संस्थाबाट प्रदान गर्ने सेवासुविधा सर्वसुलभ रूपमा जनताले घरआँगनबाटै प्राप्त गर्न सकून् भन्ने अभिप्रायले नेपाल सरकारले सबै स्थानीय तहमा बैंकको शाखा खोल्ने काम प्राथमिकताका साथ लागू गरेको छ । नेपालको भौगोलिक विविधताका कारण सबै स्थानीय तहमा बैंक शाखा खोले तापनि छरिएर रहेको बस्ती भएकाले बैंकिङ सुविधालाई अझ सरल र सहज बनाउन चुनौतीपूर्ण देखिन्छ । त्यसैले नेपाल सरकार तथा नेपाल राष्ट्र बैंकले आधुनिक भुक्तानीको उपकरणलाई अझ प्रभावकारी बनाउन लागेको छ । ती उपकरणका माध्यमबाट डिजिटल बैंकिङको सुविधा व्यापक बनाउन नेपाल सरकार र नेपाल राष्ट्र बैंकले संयुक्त रूपमा कार्यक्रम सञ्चालन गर्दै आएका छन् ।

आधुनिक बैंकिङका उपकरणको आवश्यकता मनन गर्दै नेपाल राष्ट्र बैंकले हालसालै सार्वजनिक गरेको मौद्रिक नीति २०७६/७७ मा समेत सो सम्बन्धमा उल्लेख्य योजनाहरू राखेको छ । यसबाट केन्द्रीय बैंकले आधुनिक भुक्तानी प्रणालीलाई उच्च प्राथमिकतामा राखेको प्रस्ट हुन्छ । डिजिटल बैंकिङको प्रयोगलाई विस्तारै बढाउने योजना अनुरूप सो नीतिले डिजिटलाइजेशन तथा फिनटेकको प्रयोगलाई व्यापक बनाउने, सो सम्बन्धी पूर्वाधारहरूको विकास गर्दै जाने, मोबाइल तथा इन्टरनेट बैंकिङको प्रयोगलाई सुदूरमा पु¥याउने, पीओएस तथा क्यास डिपोजिट मेशिन आदिको प्रयोगलाई प्रोत्साहन गर्ने आदि योजना नीतिमा उल्लिखित छन् । यिनै सकारात्मक प्रयासले आगामी दिनमा डिजिटल कारोबार बढ्ने र यसले समग्र अर्थतन्त्रलाई नै योगदान दिने कुरामा विश्वस्त हुन सकिन्छ ।

डिजिटल बैंकिङलाई अझ प्रभावकारी बनाउन नेपाल सरकारले डिजिटल नेपाल नामक कार्यक्रम घोषणा गरेको छ । सो कार्यलाई सार्थक बनाउन नेपाल राष्ट्र बैंकले आवश्यक नीतिनियम बनाउनुका अतिरिक्त भुक्तानी सेवाप्रदायक र भुक्तानी प्रणाली सञ्चालकको अनुमतिपत्र प्रदान गर्दै आएको एवम् बैंकले हालसालै विद्युतीय माध्यमबाट हुने कारोबारको सीमालाई उल्लेखनीय रूपमा वृद्वि गरेको छ । विश्वबजारमा आएका विद्युतीय भुक्तानीका उपकरणहरूलाई नेपालमा भिœयाउने सम्बन्धमा बैंकले तथ्यपरक रूपमा खोज, अनुुसन्धान गरेर मात्र यस्ता उपकरण नेपालमा ल्याउन अनुमति दिने गरेको छ । 

डिजिटल बैंकिङका उपकरणको पहुँचबाट कर्मचारी खर्चमा कटौती, कर्मचारी व्यवस्थापनमा सहजता, छोटो समयमा नै सेवा प्रवाह गर्न सकिने, जुनसुुकै समय र स्थानमा कारोबार सञ्चालन गर्न सकिने अवस्था सृजना हुन्छ । यसबाट उत्पादकत्वमा वृद्धि, ग्राहकको हित, सुरक्षा तथा सन्तुष्टिमा अभिवृद्धि हुने र मानिसको जीवनशैलीमा समेत सकारात्मक परिवर्तन आउने देखिएकाले यस प्रकारका उपकरणको प्रयोग बढ्दो छ । 

देशका अधिकांश भूभागमा दूरसञ्चार सुविधा रहेको, इन्टरनेटको सुविधा सर्वसुलभ र सस्तो भएको, मोबाइल पेनिट्रेशन उच्च रहेको जस्ता कारणले डिजिटल बैंकिङका लागि नेपाल उर्वरभूमि बनेको छ । त्यसैले डिजिटल बैंकिङको प्रयोग बढाउन थप योगदान गर्नुपर्ने टड्कारो आवश्यकता रहेको छ । डिजिटल बैंकिङका माध्यमबाट बैंकिङ सुविधा प्रदान गर्न उल्लेखनीय खर्च नलाग्ने, भएकै पूर्वाधारमा आधारित भएर सेवा प्रदान गर्न सक्ने, सोको प्रयोग पनि सरल हुने आदि कारणले वित्तीय समावेशीकरण पनि बढाउने निश्चित प्रायः छ । 

यसको अर्को फाइदा भनेको बैंकिङको मूलप्रभावभन्दा टाढा रहेको सीमान्तकृत, गरीबीको रेखामुनि रहेको जनसंख्या आदिलाई सजिलै समेट्न सक्नु हो । डिजिटल बैंकिङको माध्यमबाट कारोबार गर्दा नगद कारोबारमा कमी भई कागजी नोट छपाइमा हुने खर्चमा कमी हुनुका साथै नोटको आयुमा वृद्धि हुने, कारोबार पारदर्शी हुने, नगद चोरी हुने हराउने क्षति हुने कार्यमा कमी भई नगद कारोबारमा हुने झन्झट कम हुने, समयको बचत हुने, प्राप्त र भुक्तानी गर्नेले समयमा नै कारोबार सम्पन्न गर्ने अवस्थाको सृजना हुने, अवैध कारोबारमा कमी आउने र कालोधन बैंकिङ च्यानलमा ल्याउन अप्ठ्यारो हुने हुँदा नियमनकारी निकायलाई समेत सजिलो हुन्छ । डिजिटल कारोबार बढ्दै जाँदा व्यवसायीहरूले गर्ने कारोबार समेत देखिने भएकाले ती कारोबार करको दायरामा आउनेछन् । यसले गर्दा वर्तमान अवस्थामा भइरहेको कर चुहावट, करछलीलाई समेत कानूनी दायरामा ल्याउन सजिलो हुने आकलन गर्न सकिन्छ । 

तसर्थ डिजिटल बैंकिङ समयको माग हो । यस सन्दर्भमा नेपाल राष्ट्र बैंकबाट इजाजत प्राप्त बैंक तथा गैरबैंक संस्थाले दूरसञ्चार सेवाप्रदायक संस्थाहरूको सहयोगबाट भुक्तानीका आधुनिक प्रविधिहरूको सेवा प्रदान गरी जनताको जीवनयापनमा सहजीकरण गर्नुपर्ने आजको आवश्यकता हो । त्यसैले बंैक तथा वित्तीय संस्था र गैरबंैक तथा वित्तीय संस्थाहरूले आधुनिक भुक्तानी प्रणालीका उपकरणको सञ्चालन र विस्तार कार्यलाई उच्च प्राथमिकतामा राखी काम गर्नुपर्ने र नेपाल सरकार, नेपाल राष्ट्र बैंक र सम्बद्ध निकायले यस्ता कारोबारको निगरानी र नियमन गर्नुपर्ने देखिन्छ ।

 लेखक नेपाल राष्ट्र बैंकका सहायक निर्देशक हुन् ।

Published in Arthik Abhiyan National Daily on July, 30, 2019.

Curbing Illegal Payment

Curbing Illegal Payment

The first quarter of 2019 showed a whopping increment in the flow of tourists by 15 percent. This is supportive to the Government of Nepal (GoN) aim of having 2 million tourist inflows by 2020. Traditionally India, China, Sri Lanka, etc. have been the major sources of tourists to Nepal. Last year showed a strong increment of Chinese tourists by 46.8 percent. During four months of the current year, China tops the tourist source with the inflow of 64,578 tourists, followed by India.

Though tourist inflow is increasing, the average daily expenditure of tourists hasn’t increased on a proportionate basis. Such spending has reached $44 per day which is lowest in the last seven-year. This has resulted in lesser earning for the country. Inflow of low-end tourists followed by huge amount of money not entering into the national accounts because of use of unauthorized means of payments by the tourists accounts for lesser income.

Alarmed by the presence of unauthorized Chinese digital platform giants like Alipay and WeChat, Nepal Rastra Bank (NRB), the central bank of the country which also regulates non-bank payment institutions, issued a circular prohibiting unauthorised payment means, and warned users and service providers to refrain from such services. 

With the inflow of Chinese tourists to Nepal and abundance of Chinese businessmen in major tourist destinations running hotels, restaurants, and other businesses, the transaction is being made via such Chinese payment platforms which causes the transaction to be booked in Chinese Yuan in China. Such transaction is not recorded in Nepal causing losses of foreign exchange earnings and loss of revenue on the earnings repatriated. A similar case may also be found of users availing digital wallets from other neighboring countries.

The news of the ban has created a stir in China as both of the wallets are leading payment service providers in China. Alipay has registered a user base of more than 1 billion in 40 countries and WeChat has 900 million-plus global users in 49 countries. China is the second-largest tourist source it is a matter of fact that there is huge earning potential from this tourist base. And with GoN preparing for Visit Nepal Year 2020, these issues should be sorted out beforehand.

To amicably solve the problem in our favor, GoN in the short term should take up the issue with Chinese Government who in turn should be generous enough to ask Alipay and WeChat to track and block all those illegal payments via GPS tracking, and in the long term should create environment to legalize those digital wallets. With regulatory authority (NRB) having Licensing Policy and another legal framework in place, licensing of such wallets doesn’t seem to be a difficult task. 

Legalizing such digital wallets means that GoN will be able to collect the foreign exchange earnings and tax on the transactions and also encourage Chinese tourists to visit Nepal as they will be able to make the transaction via their favorite homegrown digital wallet without having to worry about any legal repercussions.

(Dhungel is an Assistant Director at Nepal Rastra Bank)  

Published in The Rising Nepal, May 30, 2019 

Digital banking in Nepal: Focus on infrastructure, security

A banking service involves a customer’s presence at an outlet to perform a transaction. This has compelled the banks and financial institutions (BFIs) to open large numbers of branches across different geographical areas. They are now opening branches across the 753 local levels, as directed by the regulatory authority.

Winning over customers traditionally meant extension of the bank network and offering suitable products and services at a competitive rate. However, with the advent of modern alternative channels of banking, the concept of physical outlets has started to look less relevant. As Bill Gates said in 2008, “banking is essential, banks are not”. The use of internet technology to provide bank services has changed the way banking is done, and will change the banking industry as a whole in the days to come. As such, digital banking refers to the process of facilitating various banking activities using electronic channels, like Automatic Teller Machines (ATM), Point of Sales (POS), telephone, mobile phone, the internet and SWIFT transfers.

It was as early as 1990 that Nepali banks started adopting means of digital banking. The medium of digital banking for the payment of retail transactions in Nepal are cards, internet banking, mobile banking, e-wallets, POS machines and Point of Transactions (POT) machines. Similarly digital banking tools that the users are availing for the transaction of large volumes are Electronic Cheque Clearance (ECC), Interbank Payment System (IPS) and SWIFT (Society for Worldwide Interbank Financial Telecommunication). From mobile top to utility bill payment; from ticket booking to money transfer – banking users are gradually adapting themselves to digital banking in both remote as well as urban areas.

The number of cash-based transactions has been decreasing every year. NRB has been discouraging cash-based transactions by reducing the limit to such transactions. For instance, a banking transaction is now limited to Rs 1 million from Rs 3 million. Similarly the volume of Electronic Cheque Transactions has been increasing through the NRB-promoted Nepal Clearing House Limited (NCHL). Similarly, an increase in the number of ATM outlets (2791 in 2074/75) along with POS machines has enhanced the popularity of debit cards.

However, going digital is no piece of cake. The SWIFT hacking of NIC Asia Bank the previous year, thefts in a number of ATMs and the recent theft from Esewa have increased concerns about the reliability of digital banking in Nepal. Despite the internet’s access to 63% of the total population, access to digital banking among the same mass is really low. This is because people still regard digital banking a complicated procedure. And although they know that a wide range of transactions can be done through their mobile phones, people hesitate to make use of them. A regulating system is being developed, which has created confusion for the service providers. Time and again update on the threshold for mobile payment is another confusion.

Inability to maintain robust infrastructure has been a hindrance to the development of digital banking in the country. We lack standard IT tools, a dearth of skilled manpower, poor infrastructure and the use of pirated software is high. Security is a big concern. The National Cyber Security Index 2018 ranks Nepal 92th out of 100. This means that Nepal’s ability to prevent cyber threats and manage unintended cyber incidents is poor.

Though an increasing number of people are using digital banking services, most people still prefer traditional banking practices. For a country like Nepal, with a literacy rate of 64% and 60% of the population still without a bank account, it is a challenge for the regulators and market players to promote digital banking.

So as to promote digital banking in Nepal, the central regulatory authority, Nepal Rastra Bank, established a Payment Systems Department on July 2, 2015, with the sole authority of regulation, supervision and oversight of the entire payment system in the country, including licensed non-bank financial institutions. At present NRB has been providing license to non-banking financial institutions as Payment Service Provider (PSP) and Payment Systems Operator (PSO).

Nepal Rastra Bank has formulated and implemented a number of acts and laws and by-laws and issued directives to guide payment systems-related activities in Nepal. A Payment System Act is under review in the federal parliament. NRB has also focussed on tools to reduce the cost of using such tools and also to make it convenient. The overall ambience is conducive for igniting a take-off phase of payment systems in Nepal. The internet penetration is 63% of the total population as of 2017. Similarly the number of mobile phone users in the country is 34% higher than the total estimated population of the country. Likewise, the development of Payment Switch has also been topmost priority of both the government and the NRB.

The era of digitalisation has already entered Nepal as it can be seen in every sector – from local governance to transportation and Inland Revenue Department. The future looks optimistic about moving towards a cashless economy.

Dhungel is Assistant Director at NRB and Regmi Assistant Manager at Rastriya Banijya Bank

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A version of this article appears in print on May 20, 2019 of The Himalayan Times.