Bangladesh Bank Bids for Barrier-Free Digital Banking During Eid Break
To ensure uninterrupted digital transactions during the upcoming Eid-ul-Adha holidays, Bangladesh Bank has issued directives to all concerned institutions. The instructions were announced through a circular released on Thursday, May 29.
According to the circular, "banks and financial institutions must take all necessary measures to ensure that customers can conduct transactions smoothly through ATM, POS, internet banking, online e-payment gateways, and mobile financial services (MFS) during the holiday period."
It further directs that ATM booths must remain operational around the clock and that any technical malfunctions should be resolved promptly. Institutions are also instructed to ensure sufficient cash supply at the booths and maintain equal withdrawal limits for both their own and other banks' customers.
In terms of Point-of-Sale (POS) services, the circular emphasizes the importance of preventing fraud and maintaining 24/7 service availability, urging both merchants and customers to remain vigilant. For transactions via internet banking and online e-payment gateways, "two-factor authentication" has been mandated to enhance transaction security.
Regarding MFS operations, banks and their partner institutions have been instructed to ensure uninterrupted customer transactions and maintain adequate liquidity at agent points.
Additionally, Bangladesh Bank called on service providers to take precautionary steps to mitigate potential cyber threats and ensure digital transaction security throughout the holidays. Institutions are also required to notify customers instantly via SMS about any transaction activity. Moreover, banks have been instructed to launch awareness campaigns to educate customers on safe and secure digital banking practices.
