Himalayan News Service

Kathmandu, May 30:

Nepal Investment Bank Ltd and Kumari Bank Ltd have join hands to share their ATMs and point of sales (POS) network for their card businesses. Prithvi Bahadur Pandey, chairman of NIBL and Surender Bhandari, chief executive officer of KBL today signed an agreement to this effect. This is the first time that two commercial banks have come together in sharing their ATM/POS network in Nepal. Following this agreement all Visa card transactions can be conducted through ATM’s of both the banks. Kumari Bank Ltd has acquired associate membership of Visa International through NIBL. With this, the bank can also issue and acquire both domestic and international Visa cards. Although, a final decision on the charges being levied for the use of ATM cards at each others’ outlets is yet to be finalised, bank sources said that the charge is going to be ‘minimal’. Currently, NIBL has eight ATMs and Kumari Bank has four ATM points situated at strategic locations in Kathmandu and Pokhara.

There are more than 500 POS terminals owned by NIBL and now available for use by customers of both banks. The Visa Electron Debit Card issued by the banks will enable cardholders to shop at merchant locations as well as make cash withdrawals from ATMs with direct access to their bank account.