Mobile banking ceiling lowered for abuse

Bangladesh Bank today lowered the ceiling for the widely popular mobile banking transactions citing reasons that the service is being abused by “some vested quarters”.

- Max Tk 15,000 cash-in per day

- Max Tk 10,000 cash-out per day

- 1 account for 1 service per person

The decision was made public in a circular of Bangladesh Bank issued this evening. The circular said such steps have been taken to ensure disciplined mobile banking service.

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According to the circular, a person may give Tk 15,000 maximum as cash-in each day. The person can only give a cash-in twice every day. Previously, the limit was Tk 25,000 per day in five confers.

Per month, a person can give Tk 1 lakh maximum at a maximum delivery of 20 times. Previously, the cash-in amount was set at Tk 1.50 lakh maximum per month.

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For cash-out, one person can maximum withdraw Tk 10,000 per day at maximum two takes. Per month, the maximum withdrawal is Tk 50,000 at a maximum of 10 takes.

Previously, the cash-out limit from agent was Tk 25,000 at three takes and Tk 1.50 lakh per month in 10 takes. For ATM encashment, the amount was Tk 20,000 maximum per day.

Also, after transfer, the receiving end cannot withdraw more than Tk 5,000 in the first 24 hours.

For withdrawing cash of Tk 5,000 and over, the receiver must show proper verification – national identity card or its photocopy – to the mobile banking agent before withdrawal.