Nepal Rastra Bank, the central bank, will operate its Real Time Gross Settlement (RTGS) system from 9:00 AM to 3:00 PM on Monday, Kartik 30, despite it being a public holiday for the Chhath festival.The central bank announced the decision today to ensure the continuity of the payment system. The government had declared public holidays on Sunday, Kartik 29, and Monday, Kartik 30, for Chhath. NMKhabar previously reported on the two-day public holiday for Chhath.The operation of the RTGS system on a public holiday will facilitate large financial transactions for banks, financial institutions, large business firms, and government agencies.
Background
- The Chhath festival is primarily celebrated in Madhesh and the Terai region.
- The holiday on Kartik 30 is observed to offer prayers to the rising sun, following the tradition of offering prayers to the setting sun the previous day.
- Nepal Rastra Bank was established on Baisakh 14, 2013 BS (April 26, 1956 AD) under the Nepal Rastra Bank Act, 2012 (now Nepal Rastra Bank Act, 2058).
- Its objectives include maintaining price and balance of payments stability, promoting stability and liquidity in the banking and financial sector, and developing a secure and efficient payment system.
