Bangladesh Bank yesterday set the maximum transaction ceiling at Tk 25,000 for agent banking customers, it said in a notice.
An agent banking customer will be able to make a maximum of four transactions a day—two withdrawals and two deposits.
Besides, each bank has to maintain a current account with the agent and the balance on that account may not cross Tk 10 lakh, it said.
However, the limit on the transaction value will not be applicable for withdrawal of inward remittance, it added. Agent banking is a new concept in Bangladesh, but practised globally as an important distribution channel for financial inclusion through agents of the banks.
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.
Cash deposits can be collected in addition to cash withdrawals and fund transfers through agent banking.
However, the ceiling will be determined and revised by BB from time to time.
Other activities of agent banking include inward foreign remittance disbursement, small value loan disbursement, recovery of loans and instalments, utility bill payment, cash payment under social safety net programmes, and other regular banking activities.
With approval from the central bank and agreements with a commercial bank, nongovernmental organisations, retail shops, micro-finance institutions, cooperative societies, post offices, and courier and mailing service companies can perform banking transactions on behalf of the bank, without charging the customers.
Customers will not be charged directly by the agents for the services but banks will pay reasonable fees or commissions to their agents. However, banks may charge commissions or fees or charges applicable to its customers.
All transactions need to have an insurance policy and be in only takas, according to the guideline.
Agent banking transaction must take place outside the metropolitan, city corporation or municipality area.