Bangladesh Bank (BB) has taken step to meet recent demand from different blocks to raise mobile banking transaction limit. BB decided to enhance the transaction ceiling for mobile financial service following requests from the leading players aiming to promote the expansion of the services.
From now, the maximum amount of Tk 30,000 can be deposited into an MFS account each day and Tk 2 lakh monthly which is double from the existing amount of Tk 15,000 and Tk 1 lakh respectively, according to circular of the central bank.
The amount and frequency of transactions were extended both on “cash-in” and “cash-out” front at individual level. The number of daily cash-in transaction for an individual improved to five from existing two and monthly transaction number 25 from existing 20 times. The daily cash-out limit also uplifted to Tk 25,000 and monthly ceiling to Tk 1.50 lakh which was previously was Tk 10,000 daily and Tk 50,000 monthly.
A person can withdraw money from the account for five times a day which was only two previously. MFS users also get relaxed dealings and can cash-out 20 times monthly, was only 10 times previously.
Earlier in January 2017, Bangladesh Bank significantly cut down the transaction ceiling of personal account of MFS , in a bid to combat illegal financial transaction, mainly foreign remittance through “hundi”.