Nepal Rastra Bank Mandates National ID Cards for Opening Bank Accounts

Kathmandu – Nepal Rastra Bank (NRB) has issued a directive requiring national identity cards for opening new bank accounts, effective from Magh 1, 2081 (January 14, 2025). The central bank announced the decision through a circular on Thursday, outlining the implementation process for banks and financial institutions.

As per the directive, banks and financial institutions must verify customers’ details using the national identity card or its unique identification number before opening new accounts. This verification process will involve accessing and validating the details from the electronic records of the national identity card system.

Additionally, the directive includes provisions for government payments. In cases where the Government of Nepal facilitates payments, such as social security benefits, banks must open accounts based on details provided by the respective government agency. Furthermore, customers will need to undergo a mandatory identification and verification process before withdrawing funds from such accounts.