• Sunday, Oct 17, 2021
  • Last Update : 04:58 am

BB raises MFS transaction limits

  • Published at 09:29 pm March 19th, 2020
Mobile Banking
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The central bank issues a circular in this regard

Bangladesh Bank (BB) on Thursday increased the limit of person to person transactions in mobile financial services (MFS) and made purchase of essential goods and medicines free of charge at the present critical moment owing to coronavirus outbreak.

BB also instructed scheduled banks to ensure continuous banking services through ATMs (automated teller machines), agent banking and mobile financial service (MFS) platforms.

The central bank issued a circular in this regard to the managing director and CEO of all scheduled banks, all mobile financial services providers and all payment service providers in the country.

Monthly person to person transactions limit in MFS increased from Tk75,000 to Tk200,000 and the MFS services providers cannot impose any charge in this transaction only for the purchase of essential goods and medicines, as per the BB circular.

In any MFS transaction, anyone will be allowed to cash out up to Tk1,000 without any charge in a day.

In domestic transaction through debit and credit card, there will also be no charge for the purchase of essential goods and medicines, according to the circular.

Near field communications (NFC) card transaction limit has been increased from Tk3,000 to Tk5,000.

The instruction is effective immediately.

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