Regulatory Alerts2020-04-06
Added · Updated
PSD Circular No. 03: Opening MFS Accounts for Workers of Export-Oriented Industries
The document mandates that all scheduled banks and mobile financial service (MFS) providers complete the opening of MFS accounts for workers of active export-oriented industries by April 20, 2020, to facilitate the direct payment of government financial incentives and salaries. Accounts must be opened based on National ID or birth registration certificates, with no charges or fees permitted for this process. Employers are required to conduct awareness campaigns and necessary programs to encourage and facilitate account opening for their employees.
Payment Systems Department Bangladesh Bank Head Office, Dhaka. PSD Circular No. 3 Date: Managing Director / Chief Executive Officer All Scheduled Banks All Mobile Financial Service Providers
Dear Sir,
Context of opening Mobile Financial Service (MFS) accounts for workers/employees of active export-oriented industries for the payment of salaries/benefits.
Following BRPD Circular No. 07, dated: 02 April, 2020, it is informed that in the context of the outbreak of Novel Coronavirus (COVID-19), the following instructions are issued for the payment of salaries/benefits to workers/employees of active export-oriented industries through the bank or Mobile Financial Service (MFS) accounts declared by the Government of Bangladesh as financial incentives:
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To ensure the payment of salaries/benefits to workers/employees of active export-oriented industries through direct participation of all parties, the program for opening Mobile Financial Service (MFS) accounts should be completed by 20 April, 2020, to fulfill the objectives of the appropriate BRPD Circular.
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For this purpose, MFS accounts will be opened based on the National ID/Birth Registration Certificate of workers/employees.
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No type of charge/fee will be collected in such account opening.
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In this regard, the respective industries will take necessary programs including propaganda to create awareness and encourage customers to open accounts for the intended purpose.
These instructions will be implemented immediately.
Yours faithfully,
(Md. Majbaur Haque) General Manager Phone: 02-9530174 23 Chaitra 1426 06 April 2020