Himalayan Bank Ltd and Citizen Investment Trust Sign Agreement For Online Loan Payment

Himalayan Bank Ltd and Citizen Investment Trust Sign Agreement For Online Loan Payment

July 9, 2019, 1:54 p.m.

Citizen Investment Trust (CIT) has signed an agreement with Himalayan Bank Ltd. for the loan re-payment of its ESG Retirement Fund (80% Loan) through connect IPS e-Payment.The agreement was signed by Raman Nepal, Executive Director of CIT and Mrigendra Pradhan, Executive Operating Officer of Himalayan Bank, in the presence of the officials from Nepal Clearing House Ltd.

With this, the account holders of CIT who have availed the 80% loan against their deposits at CIT will be able to repay their loan online directly from their bank accounts through connect IPS. The account holders will no longer need to go to CIT office or its designated bank for such repayments. They can easily repay the loan and/or interest directly from the bank account at any of the 50 member banks and financial institutions of connect IPS.

For the repayment of loan, the customers need to have a user in connect IPS with at least one bank account linked (any of the member BFIs) and verified in the system. The customer selects the CIT Payment options and then chooses its bank account for making payment the payment. The customer will have to fill other needed information like payment amount, name, CIT number, mobile number, organisation name and CIT number. Upon submission of the transaction this will directly debit the customer's bank account and credits CIT's bank account held at Himalayan Bank Ltd.

Connect IPS e-payment system is a standardized single payments platform to facilitate payment processor (gateway), fund transfer and biller payments through alternate channels of online, mobile and bank branches with 50 member banks and financial institutions in operation.

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