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Banks must not take cash to e-commerce accounts

Banks must not take cash to e-commerce accounts
  • Staff Correspondent
  • 31 August, 2021 12:00 AM
  • Print news

Bangladesh Bank has instructed all commercial banks not to allow e-commerce companies to receive cash payments directly to their accounts.

In a letter to the chief executives of the banks on Sunday, the central bank made the directive to follow the government’s Digital Commerce Guideline-2021 in respect to payment collection.

According to the guideline, the e-commerce companies can receive maximum 10 percent as advance payment through the bank cards or mobile financial services under scanning of screw services of the central bank.

However, a couple of e-commerce companies recently received payments directly in cash to their bank accounts bypassing the central bank scanning system for the e-commerce.

Banks should ensure the due diligence of the respective transaction profile for conducting the payment with transparency, reads the letter signed by BB General Manager Mezbaul Haque.

“We have observed that a couple of e-commerce companies collect money from customers through cash deposits to bank accounts,” Haque told the Daily Sun on Monday.

“It is a violation of the central bank guideline on payment as well as e-commerce guideline of the government,” he said.

Bangladesh Bank recently launched the screw services for bringing good governance in payment system in the country’s e-commerce sector.

The steps were made as a number of e-commerce took advance payment from customers but later failed to deliver products.