BB sets new ceiling for mobile financial services

People will not count any charge to send a maximum of Tk 40,000 per month through mobile financial services (MFS), a development that will help clients settle financial transactions during the countrywide lockdown.

The central bank yesterday issued a notice to this end saying that clients will also be allowed to send Tk 10,000 per transaction without any charge through MFS providers.

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The new instructions will be applicable for the type of person-to-person related transaction.

This means an individual will enjoy the new facility while sending money to another person, said a Bangladesh Bank official.

Earlier, an individual was charged highest Tk 5 to send money to another person. 

However, the new instruction will not help client to a large extent as the central bank has not changed the charge for the cash-out from the MFS accounts of clients.

People usually have to pay between Tk 10 and Tk 20 per withdrawal of Tk 1,000.

The central bank has also enhanced the transaction ceiling for MFS as the central bank has reduced the banking hours during the strict restrictions on movement.

A client will be able to send Tk 200,000 per month instead of the previous ceiling of Tk 75,000.

The enhanced transaction limit will also be applicable for the person-to-person related transaction.

People will be allowed to settle financial transactions between 10am and 12:30 through branches of banks during the restriction on movements.

The central bank has also asked lenders not to impose any late payment fees on credit cardholders.

Banks will be permitted to impose interest on only the principal amount of the loans taken by cardholders.

If credit cardholders fail to repay the loans within the stipulated date set by banks, they (card holders) will be allowed to pay the bills in the next five working days of the deadline.

Banks have been also asked to keep adequate cash all the time at their automated teller machines during the shutdown.

The central bank has asked banks to run the customer care service centre and internet banking round the clock such that clients can settle their transaction in a smooth manner.

In addition, banks will have to stay cautious about the probable cyberattacks.

Banks will have to draw up the business continuity plan to run their payment services uninterruptedly during the unusual period.