Bangladesh Bank directs banks to keep adequate cash in ATM booths during Eid holidays

Bangladesh Bank has instructed all banks to ensure that sufficient cash is available in ATM booths during the upcoming holidays of Eid ul-Fitr.

The central bank has already issued this directive to the managing directors and top executives of all scheduled banks.

During Eid, the demand for cash withdrawals from ATM booths of different banks increases significantly. Long queues are often seen in front of ATMs, and sometimes the booths run out of cash.

Banks have also been instructed to take necessary measures to ensure uninterrupted transactions not only through ATMs but also through Point of Sale (POS), QR codes, internet banking, online payment gateways, and mobile financial services (MFS).

Below are the key instructions issued by Bangladesh Bank Monday:

1. ATM services:

Ensure round-the-clock service from ATMs; in case of any technical fault, it must be resolved as quickly as possible; ensure adequate cash supply in booths; maintain continuous security arrangements at the booths; and if necessary, bank officials should inspect the booths.

2. POS and QR code services:

Ensure uninterrupted transaction services through POS and QR codes; raise awareness among merchants and customers to prevent fraud and forgery.

3. Internet banking and online payment gateways:

Ensure mandatory two-factor authentication for transactions conducted through accounts and for card-based “card-not-present” transactions in internet banking and online e-payment gateways; after receiving the settlement report for transactions with response code “85,” the receiving bank must immediately credit the funds to the beneficiary customer’s account on its own initiative.

4. Mobile Financial Services (MFS):

All banks providing MFS, or their subsidiary companies, must ensure uninterrupted transactions and maintain adequate cash supply at agent points.

5. Miscellaneous:

a) During the Eid holidays, payment service providers must ensure the overall security of systems related to the above services and take appropriate risk-management measures.

b) Customers must be instantly notified of any transaction amount through SMS alert services.

c) Public awareness campaigns should be carried out in the media regarding necessary precautions for all types of electronic payment services.

d) Ensure that customers do not face harassment in any transaction and provide round-the-clock helpline support.