BB fixes service charges of 'Binimoy'

The Bangladesh Bank (BB) has fixed three different charges for the service seekers of "Binimoy", an interoperable digital transaction platform (IDTP).

In a notice Monday (14 November), the central bank set platform fee Tk.5 against any transaction using the platform. The receiver institution of a transaction will have to pay this charge to the central bank.

Besides, there is an interoperable fee which has also to be paid by the receiver institution. However, this interoperable charge varies based on the type of the institutions.

Finally, the customers will have to pay a service fee to the paying institution.

A maximum of Tk10 can be charged from the customer for any amount of bank to bank transactions using Binimoy.

According to the notice, customers cannot be charged for the transaction from banks to PSP (Payment Service Provider) or MFS (Mobile Financial Services) companies.

But in the case of transaction between PSP and MFS companies, the receiving institution will pay an interoperable charge of .45% of the transacted amount to the paying institution.

However, the customers can be charged maximum 1% in the case of transaction from PSP or MFS institutions to banks.

Meanwhile, the central bank noted that customers can be charged the highest .5% in transaction from PSP to PSP or MFS institutions.

In the transaction from PSP to PSP or MFS, the receiving company has to pay .75% as an interoperable charge to the paying institutions.