Regulatory Alerts2022-01-25
Added
PSD Circular No. 02: Continuation of Uninterrupted Payment Services in Response to COVID-19
The Payment Systems Department of the Bangladesh Bank directs all scheduled banks, mobile financial service providers, payment service providers, and payment systems operators to maintain uninterrupted payment services during COVID-19 restrictions. Recipients are required to implement effective Business Continuity Plans, encourage technology-based transactions to minimize physical presence, ensure sufficient cash supply at cash-out points, strengthen cyber risk prevention, and raise awareness of government health protocols. These measures are effective immediately and must be followed alongside government directives.
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Bangladesh Bank (Central Bank of Bangladesh) Head Office Motijheel, Dhaka-1000 Bangladesh.
Payment Systems Department
PSD Circular No. 02/2022
Date: 11 Magh, 1428 25 January, 2022
Managing Director/Chief Executive Officer All Scheduled Banks All Mobile Financial Service Providers All Payment Service Providers All Payment Systems Operators
Dear Sir,
Regarding the continuation of uninterrupted payment service activities in the situation arising from COVID-19.
In continuation of the Memorandum No. 04.00.0000.514.16.001.21.142 issued by the Cabinet of the People's Republic of Bangladesh on 23/01/2022 regarding the imposition of restrictions on general activities/movement to prevent the spread of Coronavirus Disease (COVID-19), and Circular Letter No. 04 issued by the Department of Off-site Supervision (DOS) of Bangladesh Bank on 24/01/2022 regarding the relevant subject, you are requested to follow the following arrangements for the continuation of uninterrupted payment service activities until further orders are issued:
(a) Uninterrupted payment services must be ensured at all times in any situation arising from COVID-19 (e.g., branch operations with limited staff or operations with limited branches). For this purpose, banks and financial institutions will formulate an effective Business Continuity Plan (BCP) and remain ready to implement it immediately;
(b) Crowding at branches/offices should be discouraged, and customers should be encouraged to adopt technology-dependent payment services (e.g., mobile application-based banking, e-wallet-based transactions, Card Not Present (CNP) transactions, Near Field Communication (NFC) based card transactions, etc.) instead of physical presence. Banks and all types of payment service providing institutions will ensure the availability of their technology-dependent services;
(c) In necessary areas, sufficient cash supply must be ensured at various cash-out points (e.g., ATMs, MFS agent points, etc.) to meet customers' cash demands;
(d) In special situations, the risk of cyber attacks increases. Therefore, banks and all types of financial service providing institutions will take necessary measures (as required) to formulate and implement cyber risk prevention plans for their respective system infrastructures;
(e) Banks and all types of financial service providing institutions will take appropriate measures to raise awareness among their employees and customers about the health protocols announced by the government to prevent the spread of COVID-19; and
(f) All types of payment service providing institutions will follow the relevant directives of the People's Republic of Bangladesh Government and Bangladesh Bank during the period when restrictions on general activities/movement were imposed by the People's Republic of Bangladesh Government to prevent the spread of Coronavirus Disease (COVID-19).
These instructions will take effect immediately.
(Signature) (Md. Majbaur Haque) General Manager
Phone: 88-02-9550448, 9554896, IP: 88-02-55665801-6, Fax: 88-02-9530479, www.bb.org.bd