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  • BB gives banks some directives for operating agent banking
    BB gives banks some directives for operating agent banking Frontier
    Frontier on Tuesday, March 25, 2014
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    Bangladesh Bank (BB) has given banks some directives for operating agent banking in a safe and secure manner.

    In a circular today, the Banking Regulation and Policy Department of the central bank said every agent must have a current account with the bank concerned where maximum available deposit will be Taka 1.0 million.

    A customer can deposit or withdraw maximum Taka 25,000 in cash each time and such withdrawal and deposit can be made maximum twice in a single day. This ceiling will not be applicable in case of withdrawal of inward remittance.

    No "bank related people" will be appointed as agent and agent banking will have to be conducted in rural area (out of the preview of metropolitan/city corporation and pourashava).Shariah- based banks can only conduct Islami banking at agent level.

    Money to be transacted up to customer level will have to be brought under insurance coverage, it added.

    Banks must submit some documents: a) sample copy of agreement to be signed with agents, b) business plan about agent banking (including business continuity plan) and c) guidelines approved by the board of directors about agent baking.

    BB's respective departments will give banks approval letters under which banks will be able to appoint agents as per its policy. For supervising the agent banking operation, the list of agents and copies of agreement and other relevant papers must be sent to Green Banking and CSR Department of the central bank.

    Banks must follow these directives side by side with the guideline that announced earlier under Article 74(e) of Bangladesh Bank Order 1972, Section 45 of Bank Company Act 1991 and Section 4 of Bangladesh Payment and Settlement Systems Regulations, 2009.

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