Nepal SBI Bank launches POS services

TIL Desk/Business/New Delhi-Nepal SBI Bank, the largest overseas subsidiary of SBI, has started point-of-sale (POS) services to push digital transactions. This effort will facilitate cashless transactions in Nepal, SBI Deputy Managing Director (International Banking) Sidhartha Sengupta said.

“Facilitating unbanked people or the ones who don t have easy access to financial services is always one of the priority of the the bank and going forward the POS services will definitely add up to the same by providing Cash@POS services to people at the remotest corner of Nepal in line with the government’s plans for financial inclusion,” he said.

Besides, the bank is also in the process of tying up with Nepal Clearing House Ltd for bringing other Nepalese banks and financial institutions onto the platform. This collaborative effort would enable customers to enjoy real time or near real time credit of funds from India to their accounts in Nepal.

Remittance through this system will reduce the cost for the customer as the facility does not require usage of SWIFT system, it said. To make this platform of remittance from India to Nepal more popular and customer friendly, this facility will be made available in SBI’s internet as well as mobile banking platforms.