SBI Bank suspends accounts of 400

Nepal SBI Bank, Biratnagar has suspended the accounts of more than 400 customers found to be involved in withdrawing Indian currency (IC) in India with Nepali ATM cards. They were found making the withdrawals in the Indian towns of Farbisgunj and Jogbani on the same day they deposited Nepali rupees in banks in Nepal. "We have suspended the accounts of those found misusing the ATMs and forwarded a list of the accounts facing suspension to Nepal Rastra Bank," said Ameet Koirala, manager of SBI Bank, Biratnagar. The trend of using Nepali ATM cards for withdrawing Indian currency from Indian banks is increasing amid the deepening shortage of Indian currency in the Nepali market.

However, SBI Bank has not disclosed the names of the customers involved. An official at Nepal Rastra Bank (NRB) Biratnagar Office said most of account holders involved in misusing the ATMs are money changers. "We have also instructed other banks to suspend the accounts of such customers," the official added. The central bank has demanded details of customers who withdraw at least 25,000 rupees in Indian currency at a time and 200,000 per month. NRB had given permission to 19 local money changers to exchange a maximum of 2,000 rupees Indian per person. In addition, NRB has been making available 5,000 to 30,000 Indian rupees for those going to India for medical treatment. Nepali customers are estimated to have been withdrawing at least 10 million Indian rupees per day from Farbisgunj, using the Nepali Visa Debit Card.

Source:
myrepublica