Central bank raises caps on mobile banking

Bangladesh Bank has nearly doubled the ceiling on mobile financial service, or MFS, for customers in almost all forms of transaction.

Chief Economics Correspondentbdnews24.com
Published : 19 May 2019, 01:49 PM
Updated : 19 May 2019, 04:51 PM

According to the new caps rolled out on Sunday, the limit for cash-in or submission has been increased to Tk 30,000, which has to be done through five transactions a day, and Tk 200,000 through 25 transactions a month now.

Customers were earlier allowed to submit a maximum of Tk 15,000 through two transactions a day and Tk 100,000 through 20 transactions a month.

For withdrawal, the limit has been set at Tk 25,000 through five transactions a day and Tk 150,000 through 20 transactions a month.

The previously set withdrawal caps were Tk 10,000 through two transactions a day and Tk 50,000 through 20 transactions a month.

For person-to-person transactions, the limits are Tk 25,000 a day and Tk 75,000 a month.

The caps were Tk 10,000 a day and Tk 75,000 a month until now.

In a circular, the central bank increased the caps on mobile financial services, considering the fact that the services are playing a significant role in the expansion of new sectors like distribution of remittance and salary, and e-commerce.

The MFS providers in Bangladesh, including bKash and Rocket, have over 60 million accounts. bKash boasts almost half of them.