Regulatory Alerts2013-09-01
Added · Updated
PSD Circular Letter No. 01: Guidelines on Mobile Financial Services for the Banks
The document establishes transaction limits and operational rules for Mobile Financial Services (MFS) in Bangladesh, including a daily cash-in limit of five transactions and a monthly cap of 20, with maximum amounts of $25,000 daily and $150,000 monthly per customer. It prohibits inter-agent cash deposits and transfers, restricts agents to a maximum of five daily cash deposits, and mandates that banks verify customer account applications before allowing any transactions other than initial cash deposits. These guidelines apply to all scheduled banks operating in Bangladesh and are effective from December 2, 2013, for specific clauses, with other provisions effective from the date of issuance.