Bangladesh Bank (BB) has put in force a set of new regulations to streamline electronic fund transfer operations and asked banks to effectively maintain the regulations to ensure a secure payment system, reports BSS. In a circular yesterday, the central bank said the board of directors in its 351st meeting on April 22 approved the ‘Regulations on Electronic Fund Transfer- 2014’.
“With a view to promote, regulate and ensure a secure and efficient payment system in Bangladesh in terms of Article 7A (e) of the Bangladesh Bank Order, 1972 the Board of Directors of the Bangladesh Bank is pleased to make the regulations, in exercise of the powers conferred by Article 82(1), 82(2)(k) of the Bangladesh Bank Order 1972,” said the BB circular.
Electronic fund transfers include those carried out through or by means of, or a combination of the following : a) Point-of-sale (POS) terminals; b)Automated Teller Machines (ATM); c) Kiosks or Self-Service Terminals; d) TV, Internet and other communication channels; e) Telephonic instruments, including mobile devices; f) Credit, Charge, Pre-paid and Debit cards; g) Card-based and network- based stored value products (electronic money); h) Electronic entries initiated by banks or payment service providers as per any fully electronic, partly electronic or non-electronic payment instructions by the customers of the banks or payment service providers. Notwithstanding anything contained in these regulations; any transaction through Bangladesh Electronic Fund Transfer Network (BEFTN), the BEFTN operating rules will be prevail.
The regulations shall apply to single electronic fund transfers, as well as to framework contracts and transfers covered by them, the circular added.