Dhaka, Wed, Oct 2018

Economy

Mobile Financial Services: One person-one account imposed by BB

11 January 2017,Wednesday, 22:57



Users of mobile financial services (MFS) like bKash or Ucash will no longer be allowed to hold more than one account, reports UNB.

Bangladesh Bank on Wednesday announced the new regulation through a circular that also introduced changes in Cash-in and Cash-Out of the MFS account holders.

The central bank said it has made the decision in order to check fraud in the MFS operations, against the backdrop of massive allegations received by the BB.

At present a number of banks have been operating MFS like Bkash, Ucash, Mcash and Rocket, through their agents to transfer money digitally using mobile phones and many mobile phone holders have more than one account in his own name.

As per the BB circular, issued by the Payment System Department (PSD), the MFS operators will allow only one account per person and shut down all other accounts through discussion with account holder.

If it is found hard to take decision through discussion

, then the account having last transaction will remain operative and others will be shutdown. Before closing of the account, the service provider has to clear all due payments.

The MFS account holder can cash in at best Tk 15,000 in a day by maximum two transactions and Tk 100,000 in a month by maximum 20 transactions. He can cash out at best Tk 10,000 a day by maximum 2 transactions and Tk 50,000 a month by maximum 10 transactions.

No MFS account holder will be allowed to cash out maximum Tk 5000 within 24 hours after he received money through cash-in.

In case of cash-in and cash-out, the account holder will show his National ID card and the MFS agent will register the number of the card.

However, there has been no change in the existing rule of P2P money transfer. The earlier limit of Tk 10,000 per day and Tk 25,000 for a month will remain as usual for the P2P money transfer.

As per the BB circular, if any lapse is found in the operations of the MFS, the agency's license for MFS will be cancelled. The banks will have to submit the detail of the monthly MFS operation within 7 days of next month.

 

Other News

Logo

Editor: Alamgir Mohiuddin,

Publisher: Shamsul Huda, FCA

1 R. K. Mission Road, Dhaka-1203.
Phone:02-57165261-9

© All rights reserved | dailynayadiganta.com 2018