Interbank payment without cheques in near future

Kathmandu December 24- Interbank payment from one bank account to another bank account is going to be more feasible as Nepal Clearing house that has been providing payment services of clearing A/C payee cheques through electrical system is going to operate interbank payment system as well.  

Nileshman Singh Pradhan, Chief Executive Officer of Clearing house  stated, " After IPS service starts, customers can make direct payment to a bank account to another bank account through online service or through submitting forms in their respective banks. Banks and financial institutions are in process of making agreement regarding this. We hope to give the service from April/May."

Along with the interbank payment service, unallotted money from IPOs will also directly get deposited into the customer's account. Currently, banks are issuing A/C payee cheques to refund the unallotted money.