Regulatory Alerts2013-12-09
Added · Updated
Guidelines on Agent Banking for the Banks
The document establishes a regulatory framework permitting scheduled banks in Bangladesh to engage agents to provide limited-scale banking services to underserved populations. It defines permissible services, including cash deposits and withdrawals, while explicitly prohibiting agents from approving accounts, dealing with loan appraisals, or handling foreign currency. Banks must obtain prior approval from Bangladesh Bank, ensure agents comply with Anti-Money Laundering standards, and maintain real-time integration with their Core Banking Solution. The guidelines also mandate specific customer protection measures, dispute resolution within three working days, and strict record-keeping requirements for at least six years.