Citizen Investment Trust on connectIPS

Kathmandu, July 9 . Citizen Investment Trust (CIT) has signed an agreement with Himalayan Bank Ltd. for the loan re-payment of its ESG Retirement Fund (80% Loan) through connectIPS e-Payment.The agreement was signed by Mr.Raman Nepal, Executive Director of CIT and Mr. Mrigendra Pradhan, Executive Operating Officer of Himalayan Bank, in the presence of the officials from Nepal Clearing House Ltd.

With this, the account holders of CIT who have availed the 80% loan against their deposits at CIT will be able to repay their loan online directly from their bank accounts through connectIPS. The account holders will no longer need to go to CIT office or its designated bank for such repayments. They can easily repay the loan and/or interest directly from the bank account at any of the 50 member banks and financial institutions of connectIPS.

For the repayment of loan, the customers need to have a user in connectIPS with at least one bank account linked (any of the member BFIs) and verified in the system that can be used to login into www.connectips.com. The customer selects the CIT Payment options and then chooses its bank account for making payment the payment.

The customer will have to fill other needed informations like payment amount, name, CIT number, mobile number, organisation name and CIT number. Upon submission of the transaction this will directly debit the customer’s bank account and credits CIT’s bank account held at Himalayan Bank Ltd.

connectIPS e-payment system is a standardized single payments platform to facilitate payment processor (gateway), fund transfer and biller payments through alternate channels of online, mobile and bank branches with 50member banks and financial institutions in operation.

Himalayan Bank Ltd. (HBL) is one of the member bank of connectIPS e-Payment, which has been active in acquiring creditors and merchants for the e-payment platform and has been the leading banks in providing technology based services to its customers.

Citizen Investment Trust (CIT) was established under the Citizen Investment Trust Act,1990, with an objective to expand investment opportunities for general public providing various types of retirement schemes and programs, insurance fund programs, etc. It is one of the largest fund managers in Nepal and is now moving towards digitizing its service delivery related processes.