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NRB starts receiving BFI data online

The Nepal Rastra Bank (NRB) on Friday started receiving data from banks and financial institutions (BFIs) on liquidity and inter-bank transactions online.

Earlier the central bank used to receive the data only after BFIs submit them in the Microsoft excel format. But after the installation of the new software, NRB can have direct access to the data once BFIs update their figures in the software.

The central bank, however, will operate both old and new systems simultaneously for the next two weeks to clear bugs in the new software, if any. “We will then implement the new system entirely,” said a senior NRB official.

According to the official, they had planned to install this system only after purchasing the software for the automation of the central bank. “But we installed this software beforehand because of the delay in the procurement of the major software,” he said. “Also, these data are crucial for effective monitoring of BFIs.”

NRB is in the process of procuring three software — one for online data access, another for financial information unit (FIU) and general leaser software.

The central bank is being criticised for lagging behind BFIs in terms of adopting new technologies, resulting in failure in addressing critical problems in the system. “We are now semi-automated and we have taken steps to get fully automated,” said NRB Spokesperson Bhaskar-mani Gnawali.

NRB, however, has come a long way in terms of automating itself as it used to get information from BFIs in hardcopies. “Currently, we receive most of the information through email in excel format,” said the NRB official. “After NRB gets fully automated, we can have access to all necessary information from BFIs online.”

source: The Kathmandu Post,1 July 2012



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