The Financial Express

Banks, financial institutions asked to prepare business continuity plan to face any crisis

| Updated: April 10, 2021 12:54:46

Illustrative photo — Collected Illustrative photo — Collected

Banks and other financial institutions (FIs) have been asked to prepare a business continuity plan (BCP) to deal with any crisis in the coming days.

BCP is defined as the capability of an organisation to continue the delivery of products or services in any disrupted situation like a heavy quake or lockdown.

Bangladesh Bank in a circular on Sunday said such a plan with a critical service management team will have to be prepared by banks and financial institutions.

The central bank has increased the limit of person to person or P2P money transfer by 167 per cent to Tk 200,000 from Tk 75,000 a month. The clients will enjoy a toll-free transaction up to Tk 40,000 a month.

The BB also asked the banks to suspend the collection of credit card bills for five days until April 11. It has also increased the limit of 'near field communication cards' by Tk 2,000 to Tk 5,000.

The working hours for the financial institutions other than banks will remain open from 10 am and 2:00 pm, said the central bank.

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