MFS transaction limit, credit card billing time extended

The central bank has extended mobile financial services (MFS) transaction limits and credit card billing time, following the announcement of nationwide seven-day lockdown from Monday to curb the spread of Covid-19.

According to a circular on Sunday by the bank's payment systems department, the monthly transaction limit for individual customers using MFS, has been increased from Tk75,000 to Tk2 lakh.

At the same time, the limit of uncharged single transaction has been increased to Tk10,000. In case of mobile banking, agent points have to keep sufficient amounts of cash, while banks need to keep ATM booths open 24/7.

Besides, credit card bills cannot be taken during lockdown. The bill payment date must be extended to the next five working days after the lockdown ends. No delay fee may be charged for this extended period.

Also, interest can be charged only on principal. In addition, no new interest can be charged on the next month's bill on the previous month's bill's interest.

The central bank directive further called on banks to take all necessary measures to keep all types of digital transactions uninterrupted.

An official of the central bank said, "We have not given any time limit in this directive."

"These instructions will be valid for the lockdown period of 5 to 11 April. But, if the lockdown period extends, the instruction period will also extend. This means, as long as there is a lockdown, this directive will remain in force."

According to the bank's circular, small traders selling daily necessities and medicines will be able to use their personal bank accounts, MFS accounts, agent banking accounts and PSP accounts for business transactions.

Special surveillance should be carried out to deal with all types of cyber attacks. In addition, the concerned banks and MFS providers need to campaign on social media about financial fraud. The security of the bank's ICT infrastructure, systems and databases needs to be ensured.

A 24-hour hotline and internet-based service must be kept open for any kind of banking related complaints and suggestions.