Regulatory Alerts2022-07-20
Added
DMD Circular No. 01: Instructions to follow in Sale & after Sale service of Sanchaypatra
The Department of Management and Data (DMD) of Bangladesh Bank issues mandatory instructions to all scheduled banks regarding the sale and post-sale services of Sanchaypatra to prevent customer harassment. Banks must clear customer checks within one working day of application, issue instruments immediately upon clearing or debit authorization, and resolve post-purchase requests within three working days. The circular prohibits returning checks without valid cause, forcing account openings during purchase, using another person's ID, or refusing electronic fund transfers for interest and principal repayment, while requiring adherence to existing Bangladesh Bank circulars regarding BACH transaction charges.
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