BB issues new guideline for agent banking

Bangladesh Bank (BB) has issued a new guideline titled “Prudential Guidelines for Agent Banking Operation in Bangladesh” aimed at taking the banking services to the doorsteps of the people.

The central bank on Monday in a circular asked all banks to establish agents as channels for delivering banking services in cost effective manner and increase outreach of the banking services and promote financial inclusion within a safe and sound financial system environment.

BB also instructed the banks to outline activities which can be carried out by an agent as well as provide a framework for offering branchless banking services and serve as a set of minimum standards of data and network security, customer protection and risk management to be adhered to the branchless banking services.

Banks willing to offer banking services through agent banking operation shall obtain prior approval from the central bank, according to the guideline, reports BSS.