Regulatory Alerts2024-08-01
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PSD Circular Letter No. 09: Regarding Payment and Settlement System Act, 2024
The document notifies recipients that the Payment and Settlement System Act, 2024 (Act No. 9 of 2024) was published in the Bangladesh Gazette on July 4, 2024, following Presidential assent. It directs all scheduled banks, mobile financial service providers, payment service providers, payment service operators, card issuing entities, and credit bureaus to ensure awareness and compliance with the Act. The full text of the Act has been uploaded to the Bangladesh Bank website for public access.
Bangladesh Bank Chief Executive Dhaka Payment Systems Department PSD Circular Letter No: 09/2024 Date: 01 August 2024 17 Srabon 1431
Managing Director / Chief Executive Officer All Scheduled Banks / Mobile Financial Services / Payment Service Providers / Payment Service Operators / Card Issuing Entities and Credit Bureaus operating in Bangladesh.
Dear Sir,
Reference: "Payment and Settlement System Act, 2024" (Act No. 9 of 2024).
This is to bring to your kind attention that the "Payment and Settlement System Act, 2024" (Act No. 9 of 2024) was published in the additional issue of the Bangladesh Gazette on July 4, 2024, with the assent of the President, to integrate payment, clearing, and settlement systems, reduce transaction risks through supervision and control, and protect consumer interests.
- Now, to ensure awareness and compliance among all concerned, the "Payment and Settlement System Act, 2024" has been uploaded on the Bangladesh Bank website (https://www.bb.org.bd/en/actregulation/act) for your reference.
Yours faithfully,
(Md. Motaher Billah) Director (PSD) Phone: 9530334