Regulatory Alerts2014-03-24
Added · Updated
BRPD Circular Letter No. 07: Directives on Agent Banking Operation
The Banking Regulation and Policy Department of Bangladesh Bank requires all scheduled banks to submit specific documents, including a sample contract, business continuity plan, and board-approved policy, to obtain approval for agent banking operations. The circular mandates that agent banking be conducted in non-metropolitan areas, prohibits the appointment of 'bank-related persons' as defined in Section 26(g) of the Bank Companies Act, 1991, and sets transaction limits of 100,000 BDT for agent account balances, 25,000 BDT per transaction, and two daily deposits and withdrawals. Islamic banks are restricted to providing only Islamic banking services through agents, and all agent transactions must be covered by insurance.
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