Kathmandu. KATHMANDU: Nepal Rastra Bank (NRB) has found that some wallet companies are flouting regulatory directives. According to the inspection report made public by the Nepal Rastra Bank, some companies have been found to be disclosing financial details without prior approval of the NRB.
Some have not even done the required reporting. According to the report, some companies have not even provided clarification sought by the regulator. According to the NRB, regulatory action has also been taken against companies that do not disclose financial statements without permission and do not report them.
Similarly, the NRB has concluded that many companies have been operating without a CEO for many years, the compliance officer has been given too much authority and corporate governance is weak.
The report has revealed the extent to which wallet companies are misbehaving in defiance of the Nepal Rastra Bank.
Meanwhile, the Nepal Rastra Bank (NRB) has taken action against more than a dozen wallet and payment service companies for violating the rules. Nepal Rastra Bank (NRB) has revoked the license of Paywell Nepal Pvt. Ltd. and Sajig Pay Payment Services on Asar 5, 2082.
Similarly, Prabhu Technology, Khalti Pvt. Ltd., iCash and Fintech Pvt. Ltd. have been warned on different dates. During the inspection conducted by the Rastra Bank, it is understood that the most common deficiency was seen in e-Sewa.
