BB mulls MFS, internet banking limits ahead of elections
Ahead of the upcoming national parliamentary elections, Bangladesh Bank has taken an initiative to impose restrictions on financial transactions through mobile financial services (MFS) and internet banking.
If implemented, users of all MFS platforms—including bKash, Rocket and Nagad—will be able to transfer a maximum of Tk 1,000 per transaction, with a daily cap of Tk 10,000.
According to responsible sources at Bangladesh Bank, the restrictions may remain in effect from February 8 to February 13. During the same period, there are also plans to temporarily suspend person-to-person fund transfers through bank apps and internet banking services.
Last week, when Bangladesh Bank Governor Dr Ahsan H Mansur was asked about the issue at an emergency press conference, he said necessary measures would be taken once formal instructions are received from the Election Commission. If required, Bangladesh Bank will issue a circular notifying banks, financial institutions and MFS service providers.
Move aimed at preventing misuse of money
The initiative is aimed at preventing the misuse of money to influence voters during the election. In response to a request from the Election Commission, the Bangladesh Financial Intelligence Unit (BFIU) has submitted a proposal, which Bangladesh Bank is preparing to implement. However, relevant sources said the transaction limits may be adjusted slightly before final approval.
A senior Bangladesh Bank official, speaking on condition of anonymity, said work is underway to restrict financial transactions in line with the Election Commission’s request, and a circular may be issued within this week.
According to regulatory officials, if any suspicious transaction is detected through Currency Transaction Reports (CTR), the concerned bank will be required to take initial action. Failure to do so will result in punitive measures against the bank.
Current and proposed MFS transaction limits
At present, customers of bKash, Rocket and Nagad can transact up to Tk 50,000 per day and Tk 300,000 per month, with a maximum of 50 transactions daily and 100 transactions monthly.
During the election period, BFIU has proposed allowing customers to transfer a maximum of Tk 10,000 per day, with each transaction capped at Tk 1,000 and a limit of 10 transactions per day. The proposal suggests enforcing these limits from February 8 to February 13.
Proposed restrictions on internet banking
Currently, individual customers can transfer up to Tk 1 million per day through bank apps and internet banking platforms, with a per-transaction limit of Tk 300,000 and a maximum of 10 transactions daily. Popular apps offering this service include BRAC Bank’s Astha, City Bank’s Citytouch, Islami Bank’s CellFin, Dutch-Bangla Bank’s NexusPay and Pubali Bank’s PI.
During the election period, BFIU has proposed temporarily suspending person-to-person fund transfers through these apps—a move Bangladesh Bank is reportedly considering positively.
Enhanced monitoring of cash transactions
Meanwhile, monitoring of cash deposits and withdrawals has been tightened since January 11. Under the new directive, any cash deposit or withdrawal of Tk 1 million or more—whether through a single transaction or multiple transactions in a single day—must be mandatorily reported to BFIU as a Currency Transaction Report (CTR).
Until further notice, these CTRs must be submitted on a weekly basis. Authorities warned that failure to submit reports on time, or providing incorrect or incomplete information, will result in action under the Money Laundering Prevention Act.