Bangladesh Bank has directed the commercial banks and payment solution providers to conduct transactions with the e-commerce platforms who deliver products immediately after or within seven days of purchase.
Apart from transactions, the maximum time for other services will be five days, according to a circular issued by the central bank on Friday.The directives came for the second time after the complaints of delay in delivery and financial anomalies against the e-commerce platforms grew.
In the letter to the chief executives of all commercial banks, mobile financial services and payment system operators, Bangladesh Bank issued the directives about transactions with the e-commerce platforms.
“Banks, e-wallet and MFS companies are providing the payment services to the e-commerce platforms. But, recently, it was found that the customers don’t get the products or services even long after completion of payment process, which put transaction solution providers at risk,” read the Bangladesh Bank circular.
“The incidents have created a sense mistrust about the e-commerce platforms,” it added.
The e-commerce services include food and other groceries, ride sharing, mobile recharge, utility, education fee, hotel booking, ticketing (bus, air, train, and launch) and other daily essentials, BB said.
The central bank directed the e-commerce companies to deliver own products or other produces sourced from different companies immediately or within seven days of confirming order.The central bank move comes after an independent investigation finds the anomalies at the e-commerce platforms to charge money in advance from customers without delivering the products even up to 45 days or longer.
On backdrop of the investigation, several leading banks including BRAC, UCB and Bank Asia have temporarily suspended transactions with the selective e-commerce companies.
City Bank issued cautionary message to its customers to avoid the some specific e-commerce platforms.
The e-commerce platforms in question include Evaly, Alesha Mart, Dhamaka Shopping, E-ornage, Siranjgaonj Shop, Aladiner Prodip, Qcoom, Boom Boom, Adyan Mart and Needs.com
Meanwhile, the Ministry of Commerce called a meeting with the e-commerce platforms on June 24 as they were allegedly holding on customers’ money without delivering the purchased products.
In the meeting, the platforms agreed to charge maximum 10 percent of total bills before the delivery the products.
According to the e-Commerce Association of Bangladesh (e-Cab), there are over 1,500 leading e-commerce outlets in the country while thousands of digital commerce ventures have been opened using the Facebook platform.