Regulatory Alerts2021-08-25
Added
PSD Circular Letter No. 12: Instruction Related to Bill Payment of Credit Cards and P2P Transactions of MFS Provider
The document withdraws previous instructions regarding credit card bill payment deadlines, late fees, and interest accrued during lockdown periods, directing banks to follow the Payment Systems Department Circular Letter No. 47 dated September 24, 2020, which mandates that interest applies from the day after the due date and only one late fee is charged per bill. It also instructs Mobile Financial Services (MFS) providers to maintain the maximum monthly limit for person-to-person (P2P) transactions at BDT 200,000 and to determine P2P transaction charges based on their own business policies. These instructions are effective immediately.
Topics
Share