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In the economic development of the country, the process of opening and managing current bank accounts has been made easier for small merchants. At the same time, the transaction limit has been increased. By virtue of this, small merchants will easily be able to take advantage of the services of commercial banks, mobile banking service providers and payment service providers. The central bank has taken this initiative to incorporate the transactions of small merchants into the financial system.
The Bank of Bangladesh issued a circular in this regard on Monday and sent it to the CEOs of commercial banks, mobile banking service providers and payment service providers.
According to the circular, small, ultra-small marginal goods traders and various service providers and individuals will benefit from this.
From now on, the entrepreneurs in question will be able to make use of the services of banks, bank agents, mobile banking service providers and payment service providers, according to the circular. They can easily open an account on these. Retail banking can be done by opening checking accounts in these institutions only by showing the national identity card. No other paperwork is required. As such, there will be no transaction limit. Customers can make as many transactions as they want. In other words, when opening an account, customers must specify a limit on the number of transactions that will take place in a year. The new rules do not have to mention this limit.
However, according to the rules of the Bangladesh Financial Intelligence Unit, e-KYC or the client must have information to know. In this case, the transaction limit will be effective. This limit will never exceed Rs 10 lakh per month and the single maximum will not exceed Rs 10 lakh. The client must be sure of the profession before opening the account.
When opening an account in Mobile Banking, it can be opened in General KYC or E-KYC. These accounts cannot be opened to mobile service agents. It must be opened under the supervision of an official designated directly by the service provider. In this case, the client will need their own ID and mobile number registered in their own name.
As such, cash withdrawals cannot be made in any process other than the payment and transfer of money from the attached own bank account. In this case, the number of transactions and the amount of money will be determined on a monthly and daily basis. No more transactions and money can be transferred. As such, the maximum one-time status cannot be more than Rs 5 lakh. In particular, this initiative has been taken to stop the hundi and money laundering through mobile banking.
Payment service providers (e-wallets) must comply with KYC or e-KYC when opening retail bank accounts. Before opening an account, the account must be opened under the supervision of an official designated by the organization by looking at the occupation, qualifications, and registered mobile phone number of the customer. If necessary according to the risk of the client, the local people’s representative or professional association can take the certificate on behalf of the client. As such, a maximum of Tk 10 lakh per month and a one-time balance of Tk 5 lakh can be maintained.
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