Mobile and App-Based Bank Account Closure Facility Launched

The Nepal Rastra Bank has directed banks to introduce a facility that allows customers to close their bank accounts via mobile or web applications. According to this new directive, customers will no longer be required to visit bank branches to close their accounts. Banks and financial institutions are also mandated to monitor unusual transactions in inactive accounts and to broadcast materials to raise public awareness against financial crimes.

June 26, Kathmandu — From now on, customers will not need to physically visit bank offices to close their accounts. Under the plan to reduce inactive accounts, Nepal Rastra Bank has introduced a mechanism to close accounts through mobile or app platforms. The central bank has instructed banks and financial institutions to devise detailed action plans to reduce inactive accounts and to implement these measures by mid-January.

The central bank has further stipulated that banks and financial institutions must regularly notify customers with active accounts before they become inactive through calls, SMS, and emails. When reactivating inactive accounts, customers must be contacted with a minimum six-month interval. When a customer requests account closure either at the bank or via mobile/app, the balance in the account should be transferred to another bank or financial institution specified by the customer.