Regulatory Alerts2022-11-10
Added
PSD Circular No. 16: Determination of Platform Fees, Interoperable Fees and Service Charges for transactions through Interoperable Digital Transaction Platform (IDTP)
Effective 14 November 2022, the circular mandates that participating institutions pay a platform fee of 0.50 BDT per transaction via the 'Binimoy' IDTP. It establishes specific interoperable fees and maximum service charge percentages based on the types of sending and receiving institutions (banks, PSPs, MFS providers). Institutions are prohibited from charging fees beyond those listed in the circular's schedule and must disclose applicable service charges to customers. Circular PSD No. 07 dated 22 October 2020 is repealed.
Managing Director / Chief Executive Officer All Scheduled Banks/Payment Service Providers/Mobile Financial Services Providers operating in Bangladesh
Dear Sir/Madam,
Regarding the determination of Platform Fees, Interoperable Fees and Service Charges for transactions conducted through the Interoperable Digital Transaction Platform (IDTP) "Binimoy".
The program of the Interoperable Digital Transaction Platform (IDTP) "Binimoy" will officially commence from 13 November 2022. In this context, the following fees and charges are determined for transactions conducted through "Binimoy":
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For each transaction of any amount using "Binimoy", the receiving institution shall pay the platform fee of 0.50 BDT;
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In the case of transactions using "Binimoy", the following Interoperable Fees and Service Charges shall apply:
| Sending Institution | Receiving Institution | Interoperable Fee (as % of transaction) | Maximum Service Charge payable by Sending Institution to Receiving Institution (as % of transaction) |
|---|---|---|---|
| Bank | Bank | 0.00 | 10.00 BDT |
| PSP | Bank | 0.45 | 0.00 |
| MFS Provider | Bank | 0.45 | 0.00 |
| PSP | PSP | 0.00 | 1.00 |
| MFS Provider | PSP | 0.00 | 1.00 |
| PSP | MFS Provider | 0.75 | 0.50 |
| MFS Provider | MFS Provider | 0.75 | 0.50 |
| Bank | MFS Provider | 0.00 | 1.00 |
| PSP | MFS Provider | 0.75 | 0.50 |
| MFS Provider | PSP | 0.75 | 0.50 |
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The Interoperable Fee mentioned in column 4 of the above table shall be paid by the receiving institution to the sending institution, which shall not be collected from the customer;
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The sending institution may collect a maximum service charge from its customer as mentioned in column 4 of the above table. Institutions shall not collect any charge in addition to the said service charge from the customer;
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Participating institutions of the "Binimoy" platform shall disclose the applicable service charges to customers in the Schedule of Charges;
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Along with this, Circular PSD No. 07 dated 22 October 2020 is repealed.
These guidelines shall be effective from 14 November 2022.
Yours faithfully,
(Md. Majbaur Haque) Director (PSD) Phone: 9530174
Payment Systems Department Bangladesh Bank Head Office Dhaka
PSD Circular No: 16/2022 Date: 10 November 2022 Date: ------------------- 25 Katir 1429