The government has made a move to make a new 'bankers book evidence act' which will accommodate all new banking products and services.
The proposed act will replace the age-old British rule styled the 'Bankers Book Act 1891'.
After its formulation, courts may call records pertaining to the new products and services along with traditional books as legal documents.
For example, the banking accounts maintenance tools will be admissible by courts as legal documents.
The colonial act does not include modern banking products and services like automated teller machine, online payment, credit card and the like.
As a result, any transaction through new devices cannot be meant for "official copy" for legal purposes to settle a case.
The Financial Institutions Division under the Ministry of Finance has already prepared a draft to this end.
A senior official familiar with the issue said they already met the stakeholders on the draft act.
"We've already finalised the draft and taken opinions from the stakeholders," he told the FE.
The banking regime has significantly changed with the rapid march of new financial technologies.
The financial system has adopted almost all digital and online-based products to facilitate dealings with their clients.
The existing bankers' books include ledger, day-book, cash-book, account-book and all other books used in the ordinary business of a bank.
"When establishing or proving a claim on a bank account in a court, these books need to be produced," said Meghna Bank's former CEO and managing director Nurul Amin.
"The banking landscape has changed significantly, so this [bankers book evidence act] is much needed," he told the FE.
Meanwhile, Association of Bankers Bangladesh Chairman Syed Mahbubur Rahman said anti-graft body, courts and even Securities and Exchange Commission now seek customer data which is actually very confidential.
"We need a new act on the matter as the financial system has changed drastically," he told the FE.
"The new act should focus not only on present time, but also on future changes in the financial products" said Mr Rahman, also Dhaka Bank managing director and CEO.
The neighbouring India enacted a new law in 2002 following changes in the products and services in the financial market.
However, the draft act now needs approval by the cabinet before being rubber-stamped in parliament.
[email protected]
