Kathmandu. Finance Minister Dr. Swarnim Wagle has said that the Payment and Settlement (First Amendment) Bill, 2083 is indispensable to address the rapidly developing financial technology (fintech) and international practices. Responding to the questions raised on the bill in the House of Representatives on Wednesday, he said that this amendment is an important step for the modernization and formalization of the economy. <\/p>\n
Finance Minister Wagle admitted that due to the rapid development of digital technology, the existing laws have not been able to catch up with the current challenges. He said that the new bill has broadened the scope of the payment system and emphasized on the data security of the consumers and the reduction of systemic risks. The concept of a ‘regulatory sandbox’ has been introduced as the main feature of the bill. This will open the legal way to allow the Nepal Rastra Bank to test new types of financial technology by setting certain limits and periods. <\/p>\n
In addition, in order to facilitate the entry of foreign payment service providers, there is a provision to remove the obligation of on-site inspection and make the process faster for organizations with experience in more than 10 countries. Giving priority to consumer protection, Minister Wagle said that it has been mandatory to return the e-money in the customer’s wallet within 30 days if the license of the organization is not revoked or renewed. <\/p>\n
Similarly, it has been made mandatory for all payment instruments and institutions to join the ‘National Payment Switch’. Minister Wagle said that a five-member empowered committee will be formed under the chairmanship of the Deputy Governor to resolve the dispute, while the offences against the Act will be included in the Schedule of the Civil Criminal Procedure Code and the government case will be made prosecutorial. Minister Wagle said that the suggestions and suggestions received from the MPs will be further discussed in the committee and the bill will be further refined.<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Finance Minister Dr. Swarnim Wagle has said that the Payment and Settlement (First Amendment) Bill, 2083 is indispensable to address the rapidly developing financial technology (fintech) and international practices. Responding to the questions raised on the bill in the House of Representatives on Wednesday, he said that this amendment is an important step for […]<\/p>\n","protected":false},"author":1,"featured_media":36698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[123,126,129,147],"tags":[],"class_list":["post-39521","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-update-en","category-banking-news-en","category-special-en","category-news-en"],"acf":[],"jetpack_featured_media_url":"https:\/\/bankingsansar.com\/wp-content\/uploads\/2026\/08\/swarnim-wagle.jpg","publishedDateNp":"\u096d \u0906\u0936\u094d\u0935\u093f\u0928 \u0968\u0966\u096e\u0969, \u092c\u0941\u0927\u092c\u093e\u0930 \u0967\u096c:\u096a\u0966","_links":{"self":[{"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/posts\/39521","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/comments?post=39521"}],"version-history":[{"count":1,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/posts\/39521\/revisions"}],"predecessor-version":[{"id":39522,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/posts\/39521\/revisions\/39522"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/media\/36698"}],"wp:attachment":[{"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/media?parent=39521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/categories?post=39521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bankingsansar.com\/bs_api\/wp\/v2\/tags?post=39521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}