Charge Tk 4 for cashing out Tk 1,000 from workers: BB asks MFS

Bangladesh Bank has fixed the mobile banking charge at Tk 4 for cashing out Tk 1,000 for the workers of export-oriented industries in a bid to soften the impact of coronavirus crisis.

The central bank issued a circular in this regard on Thursday and earlier the bank asked the workers to open mobile bank accounts by April 20.  

In the last two weeks, three largest Mobile Financial Service (MFS) providers -- bKash, Rocket, Nagad -- have opened around 26 lakh mobile accounts for channelling workers' wages. Of them, bKash opened 12 lakh new accounts, and Rocket and Nagad seven lakh each.  

If the mobile banks apply usual charge, a worker has to pay Tk. 180-200 per Tk. 10,000. For the greater interest of the workers, the BB decided to reduce the charge.  

The BB created a Tk 5,000-crore fund so that export-oriented industries could pay their workers. On April 2, the central bank issued a guideline to disburse the amount as a soft loan to factory owners at 2 percent service charge.

The central bank has asked all mobile banking operators to charge 0.8 percent or Tk. 8 for cashing out Tk. 1,000 under this particular stimulus package. Of the amount, Tk. 4 will be paid by the respective banks and the rest will be borne by beneficiaries, read the BB circular.

/at/wi/teb