Bangladesh Bank Bars Bulk Banking Ahead of National Election

In anticipation of the upcoming national parliamentary election, Bangladesh Bank has imposed strict limits on mobile financial services (MFS) and internet banking transactions. Until midnight on February 12, platforms such as bKash, Rocket, and Nagad will allow a maximum transfer of only 1,000 taka per transaction. Furthermore, users can conduct no more than ten transactions per day, with a total daily limit of 10,000 taka.

The new regulations will take effect from 12:00 am on Monday, February 9. Simultaneously, person-to-person transfers via banking apps and internet banking will be temporarily suspended.

The directive was issued by Bangladesh Bank’s Payment Systems Department on Sunday, February 8. According to the instruction, a special limit on MFS and prepaid instrument (PPI) transactions will remain in force for 96 hours, from midnight on February 9 until 11:59 pm on February 12.

During this period, individual peer-to-peer transactions will be limited to a maximum of 1,000 taka per transfer, with no more than ten transactions per day. Merchant payments and utility bill settlements, however, will continue under existing regulations. All other types of MFS transactions will be temporarily halted.

To ensure prompt response to any complaints during this period, each mobile financial service provider has been instructed to form a special “Quick Response Cell.” Continuous monitoring of all transactions will also be conducted. Suspicious or irregular transactions are to be promptly reported to the relevant law enforcement authorities. Peer-to-peer transfers through internet banking channels (via IBFT) will remain fully suspended throughout the period.

Bangladesh Bank confirmed that MFS providers and banks will provide necessary assistance in line with the requirements of the Election Commission and law enforcement agencies. Normal transaction activity will resume once the specified period ends.

DBTech/GNN/MS/OR