NPSB transfers to remain suspended for 96 hours starting tonight

The Bangladesh Bank (BB) has imposed strict limits on person-to-person transactions through mobile financial services (MFS) and internet banking ahead of the parliamentary election on February 12.

Daily MFS transfers will be capped at Tk 10,000 to prevent misuse of the platforms during the period, the central bank said in a circular issued today.

During this period, P-to-P internet banking through Interbank Funds Transfer Network (IBFT) under the National Payment Switch Bangladesh (NPSB) will be completely suspended, said the BB.

Starting from 12:00 am tonight, the maximum limit per person-to-person transaction through MFS platforms such as bKash, Rocket and Nagad will be Tk 1,000. Account holders can make a maximum of 10 such transactions per day, bringing the daily ceiling to Tk 10,000.

The restrictions will remain in effect until 11:59 pm on February 12, voting day, the BB said, adding that the measure has been taken to prevent misuse of the platforms.

The move comes amid concerns that candidates may use MFS platforms to transfer money to voters in attempts to influence their ballots.

The central bank has not imposed any restrictions on merchant payments or utility bill payments through MFS.

The central bank has directed MFS providers to closely monitor all transactions. Any unusual or suspicious transactions should immediately be reported to the related police station. MFS providers were also directed to form a quick response cell to receive and resolve complaints during this period. Currently, MFS account holders can deposit up to Tk 50,000 daily through agents. For cash withdrawals through agents, the daily transaction limit is Tk 30,000.

For person-to-person transactions, MFS users can transfer up to Tk 50,000 per day. They can conduct transactions of up to Tk 300,000 per month, with a maximum of 50 transactions in a single day and 100 transactions over the entire month.