Preparations to be finalized during Prime Minister Dahal’s visit to India: under Indian Pressure

Government ready to give all the responsibility to Indian company Gateway Payment Services Pvt Ltd within the Unified Payments Interface (UPI) under the National Payments Corporation of India under Indian pressure.

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The government has started preparations to hand over all rights of international digital payment transactions to India. The process of handing over to the Indian company has been decided upon during Prime Minister Pushpa Kamal Dahal’s visit to India.

Contrary to the written proposal made by the Nepal Rastra Bank to enter into a G2G agreement so that Nepal will be in charge of managing transactions between Nepal and India through digital wallets and QR codes, the government is going to hand over all financial transactions through digital wallets and QR codes to Indian company.

The government has ignored the proposal of the Rastra Bank, even though the officials of the Rastra Bank have drawn attention to the fact that the financial statements of the country will be directly accessible to the Indian company after the Indian company is in charge of the business towards Nepal.

Although Nepal Rastra Bank proposed to entrust the business to Nepal Clearing House Limited (NCHL), which was established as a joint venture between itself and banks and financial institutions of Nepal, the government directly appointed Gateway Payment Services Pvt. Ltd. as an agent of the Indian company and prepared to give all the responsibility. GPS has contracted to operate the Unified Payments Interface (UPI) system under the National Payments Corporation of India (NPCI).

It is said that under Indian pressure, the government is going to hand over the entire responsibility to the Indian company. Officials of the Rastra Bank have said that the officials of the Indian Embassy in Nepal have been giving pressure for this and the government has started preparations accordingly.