BB notifies some requirements

The Bangladesh Bank (BB) Tuesday notified some requirements in relation to operations of agent banking in the country, asking the willing banks to submit copies of contracts between the banks and the agents to the central bank as condition for such type of banking.
Agent banking means providing banking services to bank customers through engaged agents under a valid agency agreement, rather than a teller/cashier.
The willing banks will have to take approval from the BB's department concerned. Business plans in relation to the agent banking also have to be submitted with the central bank, the BB notice said.
Each agent will have to maintain current account with balance not exceeding Tk 1.0 million.
Clients could transact at best Tk 25,000 each time. An agent banking customer will be able to make a maximum of four transactions a day - two withdrawals and two deposits.
However, the limit on the transaction value will not be applicable for withdrawal of inward remittance, the BB notice also said.
BB introduced agent banking guidelines for all commercial banks in December, aiming to provide banking and financial services on a limited scale to the underserved population.