The Financial Express

Central bank urged not to allow direct payment into e-commerce accounts

| Updated: August 26, 2021 17:51:55

Central bank urged not to allow direct payment into e-commerce accounts

The commerce ministry has asked the central bank to instruct commercial banks not to receive direct deposit of any payment into ‘own bank accounts’ of e-commerce platforms from the customers concerned.

The ministry, in a letter to Bangladesh Bank (BB) governorFazleKabiron Wednesday, requested him to take necessary steps in this regard.

The letter said e-commerce platforms were instructing their customers to deposit money directly in the accounts of the e-commerce companies against purchase orders.

The ministry fears, according to the letter, customers may fall victim of fraudulent practices once again, if such scope is there.

Some mandatory provisions have been put into the Digital Commerce Operation Guidelines, 2021 and a central bank circular was issued, accordingly, in June.

The commerce ministry letter mentioned that the ministry has come to know that e-commerce companies were receiving money directly from the customers bypassing the set rules.

The ministry has earlier requested the Bangladesh Bank to provide the latest transactions data and information of nine e-commerce companies.

They are: Alesha Mart, E-orange, Sirajganj Shop, Dhamaka, AladinerProdip, Qcoom, BoomBoom, Adyan Mart, and Need.com.bd.

“The ministry has taken multiple steps including formulation of Digital Commerce Operation Guidelines, 2021, to protect interest of the customers and stop any fraudulent practice or irregularities by any e-commerce company,” a high official of the commerce ministry told The Financial Express.

[email protected]

Share if you like