Bangladesh Bank gives banks directives for operating agent banking

Bangladesh Bank (BB) has given banks some directions for operating agent banking in a safe and secured manner, reports BSS.

In this circular today,

Banking Regulation and Policy Department of the Bangladesh bank said every agent must below criteria:-

è Have a current account with the bank concerned where maximum available deposit will be Taka 1.0 million.

è A customer can deposit or withdraw maximum Taka 25,000 in cash each time and such withdrawal and deposit

è Can be made maximum twice in a single day. This ceiling will not be applicable in case of withdrawal of inward remittance.

è No “bank related people” will be appointed as agent and agent banking will have to be conducted in rural

è Area (out of the preview of metropolitan city corporation and Pourashava). Shariah- based banks can only conduct Islami banking at agent level.

All Transection of money with customer will be under coverage of insurance.

BB’s respective departments will give banks approval letters under which banks will be able to appoint agents as per its policy. For supervising the agent banking operation, the list of agents and copies of agreement and other relevant papers must be sent to Green Banking and CSR Department of the central bank. Banks must submit some documents: a) sample copy of agreement to be signed with agents, b) business plan about agent banking (including business continuity plan) and c) guidelines approved by the board of directors about agent baking.

News Source: Bangladesh Today

Date: 27-Mar-2014