Easy to advertise on social media, Nepali banks can issue prepaid cards

Kathmandu: The central bank has given the facility to issue prepaid cards to Nepali banks. The Foreign Exchange Department of Nepal Rastra Bank has stated that prepaid cards can be issued to commercial banks and development banks in foreign currency up to USD 500.

According to the foreign exchange department, commercial banks and national level development banks will issue prepaid cards of up to $500 in convertible foreign currency. This will make it easier to boost social networking sites including Facebook.

At present, foreign cards are being used to advertise on social media from Nepal. Accounts were being opened and payments were being made to foreign banks. NRB had also tightened the rules saying that Nepali money was illegally transferred abroad while making such payment.

With this arrangement made by NRB, banks will now issue prepaid cards. These cards will make it easier to pay for advertisements on social media and to buy goods from foreign online.