MB Subba

The Royal Monetary Authority (RMA) urges people to make cashless payments.

A press release from the RMA states that digital financial services are not only reliable but also provide instant access with efficiency.

The central bank and the financial service providers (FSPs) are providing uninterrupted essential digital financial services to the needs of all sections of society.


RMA urges the public to switch to digital financial services

The communiqué says: “The lockdown has provided an opportunity to FSPs to promote digital banking. A total of 5,463 new bank account holders on-boarded on to mobile banking during the period (during the first week).”

According to the central bank, digital financial services are the best alternative banking services, which the RMA and FSPs are encouraging clients to use for all times. The RMA is further promoting the use of digital banking platforms during the current lockdown situation.

During the first week of the lockdown (August 11 to 17), mobile and internet banking recorded a total of 1.35 million (M) transactions amounting to Nu 1.08 billion (B).

The Quick Response (QR) Scan Code, which was launched in July, also recorded 8,553 transactions amounting to Nu 15.77M.

bNgul of Bhutan Telecom and eTeeru of TashiCell, which are known as e-Wallets, recorded 1,390 and 14,345 transactions respectively. Transactions recorded through the use of bNgul amounted to Nu 568,272, while the transaction through eTeeru was Nu 3.91M.

The Global Interchange for Financial Transaction (GIFT), which is an electronic system that enables individuals and business entities to claim the payments online from the government, recorded 775 transactions amounting to Nu 120.10.

The GIFT has three payment components—BITS (deferred interbank fund transfer below Nu 1M), RTGS (real-time large value fund transfer above Nu 1M) and BULK (real-time retail payments with no amount ceilings).

ATMs recorded 10,864 transactions amounting to Nu 36.13M, while the Point of Sale (PoS) recorded 20 transactions amounting to more than Nu 34,333.

Director of RMA’s Department of Payment and Settlement Systems, Tshering Wangmo, said that the authority had increased inter-bank transaction limit on mobile banking from Nu 100,000 to Nu 200,000 per day to promote digital financial services.

“The information has been relayed to all the dzongkhags with the message to promote digital banking, wherever possible,” she said.