Transactions of more than 1,000 taka banned in bKash, Nagad and Rocket!

In preparation for the upcoming National Assembly elections, it has been decided to limit transactions in mobile banking (bKash, Nagad, Rocket) and internet banking. A customer will be able to send a maximum of 10,000 taka per day, where the maximum limit for each transaction has been set at 1,000 taka.

Responsible sources at Bangladesh Bank said that this limit will be effective from February 8 to 13. At the same time, preparations are also being made to temporarily stop person-to-person money transfers using the bank's apps and internet banking.

Sources said that the Bangladesh Financial Intelligence Unit (BFIU) has made a proposal as per the demand of the Election Commission to prevent misuse of money to influence voters during the election period. Bangladesh Bank is preparing to implement the proposal, but the limit figure may change slightly as needed.

Currently, an MFS customer can transact a maximum of 50,000 taka per day and 300,000 taka per month. There will be a maximum limit of 10 transactions during the election period, each transaction of which will not exceed 1,000 taka. In addition, transactions of up to Tk 1 million can be made on the bank's app and internet banking on a normal day; person-to-person transfers will be temporarily suspended during the election.

Executive Director and Spokesperson Arif Hossain Khan said, "Work is underway to limit money transactions under the direction of the Election Commission. A notification in this regard will be issued this week." In addition, surveillance on cash transactions has been strengthened. If any account has a cash transaction of Tk 1 million or more in a day, the bank will have to submit a report to the BFIU, and if any irregularities are detected, action will be taken as per the law.