The Bangladesh Bank on Tuesday asked banks not to impose non-transactional fees and charges as like – Annual Fees, CIB fees and SMS fees on credit cards before activation of the card to protect the interest of customers.
The central bank issued a notice on the day saying that the banks will be able to impose the non-transactional fees and charges after the activation of the card by taking prior approval from clients.
The banks cannot impose any interest on the non-transactional fees, said the BB’s notice.
BB said that the banks cannot classify the borrowers in downgrade if the non-transactional fees and charges would be unpaid.
The central bank issued the instruction as per section 45 of the Bank company act-1991. The instruction would be effective immediately.
