Update March 11, 2015

Dhaka 6-58 am, 29-November, 2020

Central bank mulls fixing range of ceiling on debit card charges

Sumel Sarker

Bangladesh Bank

Bangladesh Bank

11 March 2015, Nirapad News: The central bank is planning to fix a range of ceiling regarding charges on debit card aiming to protect depositors’ interest, officials said Tuesday. “The issue will be discussed at the next bankers’ meeting, scheduled to be held on March 19,” a senior official of the Bangladesh Bank (BB).

Currently, the banks are allowed to fix different charges including annual ones on debit card using their own policies.

He also said the central bank may fix the charges on debit cards in line with the banker’s opinions. “We want to facilitate the on-going electronic payment system providing policy support considering the customers interest,” the central banker noted. Currently, around 8.0 million debit cards are being used across the country.

“We’re now working to gear up the electronic payment system instead of the existing cash-based transaction,” the BB official explained.

As part of the move, the central bank has already asked the member banks of National Payment Switch Bangladesh (NPSB) to upgrade their necessary configuration of switching software for making utility bills through debit cards.

Under the up-gradation of switching software system, the debit card holders are allowed to pay utility bills using their cards.

“We’ve already issued a directive and asked the chief executive officers and managing directors of all NPSB member banks for taking necessary measures in this connection,” another central banker said.

Currently, 40 commercial banks are members of the NPSB, introduced on December 27, 2012, aiming to facilitate efficient, safe and secure payment system. “Four more banks will join the system at the end of this month” he said while replying to a query.

At present, more than 5,500 ATM (Automated Teller Machine) booths are in operation across the country. Of them, 90 per cent are connected with the NPSB.

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