By Karuna Thapa
Kathmandu, March 6
Cooperatives will be authorized to issue ATM cards in their own names for the first time.
Cooperatives will be allowed to give ATM cards to their shareholder’s thanks to the help of the sole National Cooperative Bank (NCBL).
In cooperation with payment service provider Smart Choice Technology (SCT) and Global IME Bank, Rashtriya Sahakari Bank is set to offer an ATM card service. On Sunday, SCT, Global IME, and Cooperative Bank will sign a formal agreement.
Furthermore, cooperatives will be able to offer ATM services to their members under the
moniker ‘Cop Card.’ By signing an agreement with the cooperative bank, cooperatives can provide ATM service, and the cooperative bank will also handle business settlements.
Users can withdraw cash from ATMs in any country and any bank connected to the UPI
network, according to Nabin Karki, the cooperative bank’s head of information and technology.
According to Karki, such cards can be used at all Global IME Bank ATM booths for free.
The issue of commission and ATM card costs with other banks and service providers, on the
other hand, has been delegated to the cooperatives themselves, according to Karki.
Despite the fact that a tripartite agreement for the COP card exists today, the card will not be available for another three months. Despite the fact that the cooperatives now provide ATM services thanks to a contract with SCIT, they were required to hold a particular amount in the bank account because the settlement would be handled by Himalayan Bank. The cooperative bank’s service will be less expensive for cooperatives and their members, according to the bank.
