Bangladesh Bank is preparing to impose stricter restrictions on mobile financial services (MFS) transactions in the run-up to the upcoming parliamentary elections.
According to the plan, a customer will be able to make a maximum of Tk10,000 a day on mobile banking services like bKash, Rocket and Nagad for a specific period before and after the elections.
The maximum transaction limit may be set at Tk1,000 each time.
Bangladesh Bank Executive Director and Spokesperson Arif Hossain Khan gave this information on Sunday (February 1).
“Before every national election, the Election Commission usually gives instructions to limit mobile financial service transactions. However, this time no official letter has been received yet. Bangladesh Bank will take necessary measures if it receives the letter.”
The Bangladesh Bank spokesperson also said that discussions are also underway to allow a maximum of 10 transactions a day, where the limit for each transaction will be Tk1,000. However, a final decision has not been made on this matter yet.
He said that stricter measures may be taken on mobile banking services during the election period if necessary.
Currently, MFS customers can send a maximum of Tk50,000 per day through agents and withdraw up to Tk30,000. There is a maximum person-to-person (P2P) transaction limit of Tk50,000 per day, and a monthly transaction limit of Tk3 lakh.
In addition, transactions can be made up to 50 times per day and 100 times per month.
Sources said that such restrictions are being considered to prevent illegal money transactions and irregularities centered around the election.
