Bangladesh Bank has issued a revised guideline for ‘Agent Banking Operation’ in the country.
The Banking Regulation and Policy Department (BRPD) of the central bank on Thursday issued the revised guideline to ensure smooth operation of agent banking activities.
The BB asked banks to ensure two factor authentication (TFA), use of a photo ID, Personal identification Number (PIN), Biometric fingerprint, or any other secret code or message during transactions.
The BB directive stated that quarterly/monthly physical visits by bank’s staff or authorized persons are necessary to ensure that agents operate as per the guidelines and the contract.
Besides, branch manager/branch nominated officials shall closely monitor the agent banking activities of the outlet linked to the branch.
“No agent shall relocate, transfer, replace or close its agent banking outlet without the prior written consent of the bank. Banks have to take prior approval from BRPD for Relocation of outlet and Transfer or Replacement of Outlet ownership,” the guideline said.
However, no such approval will be required in case of closure of outlet.
Bank has to submit a quarterly report to Financial Institutions Division (FID) providing information on financial irregularities, fraud, forgeries, scams and accidents etc. occurred while conducting agent banking activities and actions taken by the respective bank.
The report has to be submitted within 07 (seven) working days after the end of each quarter as per Annexure-E and in case there is no such incident for the reporting quarter, a ‘Nil’ report has to be submitted.
