KATHMANDU, Sept. 14: Nepal Rastra Bank (NRB) is allowing withdrawal of paper notes in denomination of Rs 100 from ATM machines, targeting the upcoming Dashain and Tihar.
As of now, the vendoring machine of banks and financial institutions has been facilitating their customers to withdraw paper notes of only Rs 1,000 and Rs 500. Issuing a circular to Nepal Bankers’ Association, the NRB has directed the banks to make necessary arrangements for their clients to withdraw Rs 100 notes.
Desperate search for missing girls as nearly 80 dead in Texas f...
NRB Spokesperson Guru Prasad Paudel said the main objective of this arrangement is to spare customers the hassle of having to visit a bank counter for even small amounts. "The aim is to eliminate the compulsion for customers to go all the way to a bank counter just because they need a hundred-rupee note," Paudel said.
Paudel clarified that the new provision is also expected to help crowd management and meet the demand during Dashain. "There is a concern that the supply of banknotes might fall short of the demand during Dashain. Therefore, instead of bringing in additional high-denomination notes, we are focusing on distributing the existing stock of 100-rupee notes across more locations," he said.
The NRB records show that transactions of around Rs 80-90 billion are currently processed through ATMs each month.
