Bangladesh Bank has directed all scheduled banks and mobile financial service (MFS) providers to suspend internet banking fund transfer (IBFT) transactions through the National Payment Switch Bangladesh (NPSB) for 96 hours ahead of the national election.
The central bank, however, said MFS operations will continue on a limited scale during the period, allowing essential transactions while the temporary restriction on IBFT remains in place as part of election-time precautionary measures.
According to the central bank’s directive issued on Sunday, the restrictions will take effect from 12:00am Monday night and remain in force until 11:59pm Thursday.
During this period, all NPSB-based peer-to-peer (P2P) internet banking transactions will remain completely suspended. As a result, customers will not be able to use real-time internet banking services, which normally allow transfers of up to Tk 50,000 per transaction and a maximum of Tk 500,000 per day.
Bangladesh Bank directs MFS providers to halt online gambling transactions
MFS transactions, however, will continue with limitations. Under the temporary measures, customers will be allowed to send a maximum of Tk 1,000 per day to another user through P2P transfers, with a daily transaction cap of 10.
These restrictions will not apply to merchant payments and utility bill payments, which will continue under existing rules.
The directive, sent to the chief executive officers, managing directors and directors general of banks and MFS providers, also instructed MFS operators to form dedicated quick response cells to receive and resolve election-related complaints.
Bangladesh Bank further asked MFS providers to keep all transactions under round-the-clock close monitoring during the restricted period and to promptly report any suspicious or unusual transactions to the respective police stations.
While services for general customers will remain suspended or limited, banks and MFS providers have been instructed to extend necessary cooperation to the Election Commission and law enforcement agencies as required.
The central bank said normal transaction facilities through these channels will be fully restored after the stipulated period.