Single KYC for All Banks: NRB Makes Customer Verification Easier

Bank customers in Nepal will no longer need to fill out separate Know Your Customer (KYC) forms for every financial institution they deal with.

In its new monetary policy for the fiscal year 2082/83 (2025/26), Nepal Rastra Bank (NRB) has introduced a major change, KYC details will now be shared electronically through the National ID system.

Under this new system, once a customer updates their KYC at one bank, other authorized banks and financial institutions can access that data directly through a centralized system. This move is expected to end the hassle of submitting the same personal details multiple times.

NRB’s policy mentions that customers will also get a unique ID number linked to their KYC, making it easier for banks to retrieve and verify information when needed.

The goal is to improve efficiency, reduce paperwork, and make banking more customer-friendly across the country.