Regulatory Alerts2015-09-28
Added · Updated
FID Circular No. 03: Receipt of tuition and other fees/charges from students and providing financial services to the educational institutions/students under financial inclusion initiatives
The Financial Inclusion Department directs all scheduled banks in Bangladesh to transition from manual fee collection to digital channels, including online banking, mobile financial services, card-based payments, and standing instructions, for collecting tuition and other fees from educational institutions. Banks are instructed to establish school banking accounts for students aged 6 to 18 and general accounts for those over 18, while prohibiting service charges on school banking accounts other than government fees. The circular mandates the implementation of scholarship disbursement mechanisms, the provision of transaction reports to institutions, and the submission of quarterly reports to the department, with initial rollout targeted at educational institutions in district cities.