Regulatory Alerts2020-07-06
Added · Updated
FID Circular No. 02: Disbursement of cash assistance to 50 Lac COVID-19 affected families during Mujibborsho
The document mandates scheduled banks in Bangladesh to facilitate cash assistance for 50 lakh COVID-19 affected families by opening bank accounts with a 10 Taka deposit using only National ID or Smart Card information and Upazila Executive Officer certification for beneficiaries without mobile phones or access to mobile financial services. It requires banks to provide debit vouchers for cash disbursement to beneficiaries who do not possess checkbooks and exempts existing account holders from opening new accounts. This directive applies to all scheduled banks operating in Bangladesh to ensure the implementation of the Prime Minister's decision regarding the Mujibborsho initiative.
FINANCIAL INCLUSION DEPARTMENT BANGLADESH BANK HEAD OFFICE DHAKA. FID Circular No. 02/2020 Dated: Managing Director/Chief Executive Officer All Scheduled Banks operating in Bangladesh. Disbursement of cash assistance to 50 Lac COVID-19 affected families during Mujibborsho.
In order to provide cash assistance to 50 lakh families affected by COVID-19 (Coronavirus) during Mujibborsho, the following decisions have been taken in the office of the Prime Minister of the People's Republic of Bangladesh:
a) For beneficiaries who do not have a mobile phone or for whom it is not possible to open a mobile financial service account, bank accounts shall be opened with a 10/- Taka deposit based solely on the information of the National Identity Card or Smart Card and certification by the Upazila Executive Officer; b) Arrangements shall be made to provide cash assistance to beneficiaries through debit vouchers if they do not have a checkbook; c) However, if any beneficiary is already an account holder of any bank, there is no need to open a new bank account for them.
You are hereby instructed to take necessary measures for the implementation of this decision.
Yours faithfully, (Md. Anowarul Islam) Deputy Governor Phone-9530543 Email: fid@bb.org.bd 22 Ashar 1427 06 July 2020