NRB Revokes Licenses of Prabhu Technology and First Pay Technology

Kathmandu, October 10 — The Nepal Rastra Bank (NRB) has revoked the operating licenses of one payment service provider and one payment system operator company.

According to the central bank, the payment service provider license of Prabhu Technology Pvt. Ltd. and the payment system operator license of First Pay Technology Pvt. Ltd. have been officially cancelled.

In a public notice issued on Friday, NRB stated:
“The payment service provider license granted to Prabhu Technology Pvt. Ltd. on 2076–11–11 has not been renewed in accordance with Section 13 (4) of the Payment and Settlement Act, 2075. Therefore, this notice is issued for the information of all concerned.”

NRB has also requested that any customers or institutions having pending transactions with Prabhu Technology contact the company within 30 days of the publication date of the notice.

Similarly, NRB informed that the license of First Pay Technology Pvt. Ltd., which was issued on 2076–11–13, has also been revoked under Section 13 (6) of the Payment and Settlement Act, 2075.

The bank further requested that any parties with unsettled transactions with First Pay Technology reach out to the concerned company within 30 days as well.