BB gives banks directives for operating agent banking

Posted by BankInfo on Thu, Mar 27 2014 12:07 pm

Bangladesh Bank (BB) has given banks some directives for operating agent banking in a safe and secure manner, reports In a circular today, the Banking Regulation and Policy Department of the central bank said every agent have a current account with the bank concerned where maximum available deposit will be Taka 1.0 million.

A customer can deposit or withdraw maximum Taka 25,000 in cash each time and such withdrawal and can be made maximum twice in a single day. This ceiling will not be applicable in case of withdrawal of inward remittance.

No “bank related people” will be appointed as agent and agent banking will have to be conducted in area (out of the preview of metropolitan city corporation and pourashava). Shariah- based banks can only conduct Islami banking at agent Money to be transacted up to customer level will have to be brought under insurance coverage, it Banks must submit some documents: a) sample copy of agreement to be signed with agents, b) plan about agent banking (including business continuity plan) and c) guidelines approved by the board of

directors about agent BB’s respective departments will give banks approval letters under which banks will be able to appoint as per its policy. For supervising the agent banking operation, the list of agents and copies of agreement other relevant papers must be sent to Green Banking and CSR Department of the central bank.

News:Bangladesh Today/27-Mar-2014
Posted in News, Banking