Bangladesh Bank Guidelines for online Banking

Bangladesh Bank Guidelines for online Banking

Bangladesh Bank Guidelines for online Banking:
By actualizing the Vision 2021, Bangladesh will have a countrywide ICT network and high-speed information flow between center and periphery. The advancement in banking sector also contributes in this achievement.
Bangladesh Bank, being the main financial authority of the country, is at the forefront of the government’s firm drive to digitize the banking sector of the country. BB has already formulated a 5-year strategic plan for the banking sector based on advanced technological applications (online banking system) to provide services with best efficiency. The ultimate objective is to make Bangladeshi banking sector a world-class banking sector with high implementations of technologies. In fact, within this plan period the banking sector will be transformed into a paperless financial sector.
A historic milestone in the trade and business arena has been achieved by BB with the introduction of E-banking system; a great step towards digital Bangladesh. Banks have been allowed to make online transactions, utility bills payment through online, online fund transfer (account to account), payments for trading goods and services, and facilitate online credit card payments in local currency. Another remarkable event in the history of the banking sector of Bangladesh is the installation of Bangladesh Automated Clearing House (BACH). It will simplify the remittance channel and payment system and, therefore, bring dynamism in banking activities.
The following rules and regulations are annunciated by Bangladesh Bank (BB) to guide the online banking activities of different state owned commercial banks and private commercial banks. The rules and guidelines are as given as follows:
? Bangladesh Real-Time Gross Settlement (BD RTGS) system rules 2017;
? Bangladesh Payment and Settlement Systems regulations 2014;
? Regulations on Electronic Fund Transfer 2014;
? Payment and Settlement Systems regulations 2009;
? Bangladesh Electronic Fund Transfer Network (BEFTN) operating rules 2009;
? NPSB Switch Operating Rules and User Manual: Dispute Management rules.
Besides, having all this regulations Bangladeshi banking sector has an Online Credit Information Bureau (CIB) to report the online credit rating of a bank. Online Credit Bureau has established strong online connectivity between CIB of BB and head offices of all banks and financial institutions. By Online CIB the extent of default loan of banks and financial institutions can be minimized with credit reports of the loan applicants very quickly.
In order to prevent the fraudulent in online foreign exchange trading, BB has taken an exemplary step by announcing the following notice in its websites.


I'm Alfred!

We can help in obtaining an essay which suits your individual requirements. What do you think?

Check it out