Central bank raises caps on mobile banking
Bangladesh Bank has raised the ceiling on mobile financial service or MFS.
It has given the customers the option to transact double the money they were allowed in almost all sorts of exchanges.
The limit of cash-in or submission has been increased to Tk 30,000 through five transactions a day and Tk 200,000 through 25 transactions a month now, according to the new ceiling announced on Sunday.
They were allowed to submit maximum 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 or MFS considering the fact that the services are playing a significant role in expansion of new sectors like distribution of remittance and salary, and e-commerce, reports bdnews24.com
The MFS providers in Bangladesh, including bKash and Rocket, have over 60 million accounts. Of them, about half are at bKash.