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Kathmandu, Oct 11: Nepal Rastra Bank has not renewed the license of Prabhu Technology Private Limited, which operates Prabhu Pay. According to the central bank’s spokesperson Kiran Pandit, the company’s fragile financial condition was the reason for the non-renewal.

With the license not renewed, Prabhu Pay is on the verge of shutting down. Pandit said the decision came as the number of wallet users had declined significantly.
“The institution’s financial condition was extremely fragile, capital erosion had occurred, and the number of customers had dropped drastically,” he told Baahrakhari. “For all these reasons, renewing the company’s license was not feasible.”

Customers with funds in Prabhu Pay must contact the company within 30 days. Nepal Rastra Bank had originally granted permission to operate Prabhu Pay on Falgun 11, 2076 BS. Similarly, Fast Pay Technology’s license was canceled after it was not renewed.

People’s News Monitoring Service