Limit on transaction thru bank-backed MFS raised

Staff Correspondent | Published: 00:00, May 20,2019

 
 

A file photo shows a man standing inside a shop that gives mobile financial service and mobile recharge service in Dhaka. Bangladesh Bank on Sunday raised the limit on transaction though mobile financial services following demands from the MFS operators. — New Age photo

Bangladesh Bank on Sunday raised the limit on transaction though mobile financial services following demands from the MFS operators.
In 2017, the central bank lowered the transaction limit with a view to preventing digital hundi.
BB on Sunday issued a circular in this connection.
The central bank has also barred clients from maintaining more than one account with a mobile financial service provider.
The limit rise came as the subscribers of Bangladesh Post Office-backed MFS Nagad are enjoying higher limits on cash-in and cash-out. The discrepancy has resulted in a setback for the bank-backed MFS providers.
As per the BB data, bank-backed MFS providers lost 49 lakh subscribers in the January-March quarter of the year 2019.
The number of customers of 16 MFS operators including bKash, Rocket and U-cash dropped to 3.24 crore at the end of March this year from 3.73 crore at the end of December last year.
As per the new instruction, customers would be allowed to feed money into MFS account highest Tk 30,000 in five times a day, while the limits would be Tk 2 lakh and 25 times a month.
As per the BB’s instruction issued in January 2017, MFS customers were allowed to feed money into his or her MFS account highest Tk 15,000 in not more than two times a day.
In a single month, customers were allowed to cash-in highest Tk 1 lakh in not more than 20 times.
Accountholders will now also get a raised limit on cash-out, a fund withdrawal facility, from MFS accounts.
They would be allowed to withdraw up to Tk 25,000 a day in not more than five times and up to Tk 1.5 lakh in not more than 20 times a month.
Earlier, the cash-out limits were maximum Tk 10,000 and 2 times a day, and Tk 50,000 and 10 times a month.
The central bank on the day also raised person-to-person transaction limit to Tk 25,000 from Tk 10,000 a day, and the monthly maximum transaction limit to Tk 70,000 from Tk 25,000.
No transaction limit, however, would be applicable to person-to-business, business-to-person, business-to-business, merchant payment, online and e-commerce payments.
Keeping register of customers’ transactions through an agent has been made mandatory for the agent and in case of any negligence in keeping records including signature or thumb print would result in cancelation of the agent’s licence.
In the case of more than one account with an MFS provider, customers have been asked to choose one account and the remaining accounts must be closed.
In the case of any dispute in closing accounts, MFS providers have been asked to keep open the account in which any transaction has taken place. The operators have been asked to return to their clients the balance in the accounts to be closed.
BB on Sunday also barred agent-to-agent transaction. The agents were also barred from depositing cash in their accounts more than five times daily.
The BB circulars issued on September 1, 2013, November 27, 2014, January 11, 2017 and November 5, 2017 in this connection was replaced with Sunday’s circular.

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