Bangladesh Bank (BB) has asked the scheduled banks to receive tuition fees and other charges from the students.
In stead of the existing manual system, the central bank instructed the banks to deliver financial services to the students by introducing online banking, mobile financial services, card base payment system and standing instructions system for receiving tuition fees and other charges from the students.
“Banks will have to launch different banking systems for receiving all kind of charges including tuition fees from the students through signing agreement with different educational institutions,” said a BB circular issued yesterday with an immediate effect.
According to the circular, the collection of tuition fees from the students will be executed through opening school banking accounts for students aged between 6 and 18 and usual bank account for the students aged over 18 years old.
The new financial services, which may start initially at the educational institutions in district-level, may also be expanded at upazilla and union level gradually.
“Bank account opening is not mandatory, excepting wallet account in case of using mobile financial services,” said the circular.
No service charge will be applicable against school banking accounts except government fees, reads the circular.
The decision was made for expanding financial inclusion coverage with dynamism, explained the circular.
Banks also asked to innovate a new system of depositing money in student’s school banking account, collecting scholarship money from the scholarship providers.
Banks will provide sector-wise report of collecting tuition fees, dues from students and guardians as per requirement of education institutions.
Moreover, guardians will be informed automatically about depositing tuition fees and other charges through mobile SMS by banks.
Banks can provide the services through establishing booth near the educational institutions and premises or appointing agents.
Bank account of foreign students can be opened if educational institutions need but those will not be treated as school banking account, added the BB circular.
