The document provides guidelines for mobile financial services in Bangladesh issued by Bangladesh Bank. It aims to expand access to financial services for underserved populations through mobile networks. It allows banks to offer mobile account-based financial services through partnerships with mobile operators and agents. Services may include domestic remittances, bill payments, P2P transfers, and more. Banks must comply with know-your-customer rules, security standards, transaction limits, and oversight requirements when providing these services.
The document provides guidelines for agent banking in Bangladesh. It defines agent banking as non-tellers conducting banking transactions on behalf of banks. It outlines services agents can provide, such as deposits, withdrawals, remittances and bill payments. Agents must be equipped with IT devices integrated to bank servers. Banks must get approval to engage agents and comply with know-your-customer and anti-money laundering regulations. The guidelines aim to expand access to financial services while ensuring security, compliance and risk mitigation.
Mobile banking allows customers of financial institutions to conduct financial transactions through mobile devices like phones and tablets. It differs from mobile payments which involve using a mobile device to pay for goods or services. The RBI has issued guidelines to standardize mobile banking services offered by banks in India and encourage more customers to use these services. The guidelines cover customer registration processes, security standards like two-factor authentication, and inter-bank settlement infrastructure requirements.
This document provides an overview of ICICI Bank, including its profile, products and services, allied services, SWOT analysis, recent news, and achievements. It begins with defining banks and describing types of banks in India, specifically public sector banks and private sector banks. It then focuses on providing details about ICICI Bank, the third largest bank in India, covering its founding, headquarters, key leadership, and operations across India and internationally.
- The Banking Ombudsman scheme provides an inexpensive forum for bank customers to resolve complaints relating to certain banking services.
- In 2012-13, 15 Banking Ombudsmen covering 29 states and 7 union territories received a total of 70541 complaints, a 3% decline from the previous year.
- The majority of complaints were received from individual customers, accounting for 93% of total complaints. New Delhi, Kanpur, Mumbai and Chennai OBOs received the highest number of complaints, over 5000 each.
The Banking Ombudsman provides an inexpensive and efficient forum for resolving customer complaints against banks. The Banking Ombudsman is appointed by the Reserve Bank of India to address complaints related to deficiencies in banking services. Key goals of the Banking Ombudsman include solving customer grievances inexpensive and fairly, providing feedback to the RBI on improving customer service and complaint resolution, and creating awareness of the scheme. Covered banks include all scheduled commercial banks, regional rural banks, and scheduled primary co-operative banks. The Banking Ombudsman commits to quick resolution of complaints through a complaint tracking system and exchange of information.
The document describes the Banking Ombudsman Scheme 2006 in India. Some key points:
1) The scheme was introduced to enable resolution of complaints relating to certain banking services and facilitate satisfaction or settlement of complaints.
2) It applies to all commercial banks, regional rural banks, and scheduled primary cooperative banks operating in India.
3) The Reserve Bank of India appoints Banking Ombudsmen for a 3 year term to investigate complaints against deficient banking services and facilitate resolution through agreements, conciliation, or by passing awards.
4) Grounds for complaints covered include issues like non-payment/delay of instruments, non-acceptance of currency, failure to provide banking facilities promised, delay
The document provides guidelines for issuance and operation of pre-paid payment instruments in India. It defines different types of pre-paid payment instruments and sets eligibility criteria for issuers. Banks can issue all types of instruments, while non-banks are restricted to semi-closed systems. The guidelines specify capital requirements, KYC norms, funds deployment process, issuance and reloading rules. It also covers validity periods, redemption, fraud prevention and customer protection measures like disclosure of terms and conditions.
The document discusses the traditional banking system in India and how it has evolved with technological advances. It covers functions of banks like accepting deposits and lending loans. It also describes various banking services that are now offered digitally like mobile banking, internet banking, ATMs, credit/debit cards which allow banking anytime anywhere. The reforms and use of technology have dramatically changed banks' functioning and increased customer relationships.
The document provides guidelines for agent banking in Bangladesh. It defines agent banking as non-tellers conducting banking transactions on behalf of banks. It outlines services agents can provide, such as deposits, withdrawals, remittances and bill payments. Agents must be equipped with IT devices integrated to bank servers. Banks must get approval to engage agents and comply with know-your-customer and anti-money laundering regulations. The guidelines aim to expand access to financial services while ensuring security, compliance and risk mitigation.
Mobile banking allows customers of financial institutions to conduct financial transactions through mobile devices like phones and tablets. It differs from mobile payments which involve using a mobile device to pay for goods or services. The RBI has issued guidelines to standardize mobile banking services offered by banks in India and encourage more customers to use these services. The guidelines cover customer registration processes, security standards like two-factor authentication, and inter-bank settlement infrastructure requirements.
This document provides an overview of ICICI Bank, including its profile, products and services, allied services, SWOT analysis, recent news, and achievements. It begins with defining banks and describing types of banks in India, specifically public sector banks and private sector banks. It then focuses on providing details about ICICI Bank, the third largest bank in India, covering its founding, headquarters, key leadership, and operations across India and internationally.
- The Banking Ombudsman scheme provides an inexpensive forum for bank customers to resolve complaints relating to certain banking services.
- In 2012-13, 15 Banking Ombudsmen covering 29 states and 7 union territories received a total of 70541 complaints, a 3% decline from the previous year.
- The majority of complaints were received from individual customers, accounting for 93% of total complaints. New Delhi, Kanpur, Mumbai and Chennai OBOs received the highest number of complaints, over 5000 each.
The Banking Ombudsman provides an inexpensive and efficient forum for resolving customer complaints against banks. The Banking Ombudsman is appointed by the Reserve Bank of India to address complaints related to deficiencies in banking services. Key goals of the Banking Ombudsman include solving customer grievances inexpensive and fairly, providing feedback to the RBI on improving customer service and complaint resolution, and creating awareness of the scheme. Covered banks include all scheduled commercial banks, regional rural banks, and scheduled primary co-operative banks. The Banking Ombudsman commits to quick resolution of complaints through a complaint tracking system and exchange of information.
The document describes the Banking Ombudsman Scheme 2006 in India. Some key points:
1) The scheme was introduced to enable resolution of complaints relating to certain banking services and facilitate satisfaction or settlement of complaints.
2) It applies to all commercial banks, regional rural banks, and scheduled primary cooperative banks operating in India.
3) The Reserve Bank of India appoints Banking Ombudsmen for a 3 year term to investigate complaints against deficient banking services and facilitate resolution through agreements, conciliation, or by passing awards.
4) Grounds for complaints covered include issues like non-payment/delay of instruments, non-acceptance of currency, failure to provide banking facilities promised, delay
The document provides guidelines for issuance and operation of pre-paid payment instruments in India. It defines different types of pre-paid payment instruments and sets eligibility criteria for issuers. Banks can issue all types of instruments, while non-banks are restricted to semi-closed systems. The guidelines specify capital requirements, KYC norms, funds deployment process, issuance and reloading rules. It also covers validity periods, redemption, fraud prevention and customer protection measures like disclosure of terms and conditions.
The document discusses the traditional banking system in India and how it has evolved with technological advances. It covers functions of banks like accepting deposits and lending loans. It also describes various banking services that are now offered digitally like mobile banking, internet banking, ATMs, credit/debit cards which allow banking anytime anywhere. The reforms and use of technology have dramatically changed banks' functioning and increased customer relationships.
This document summarizes the key aspects of the Uganda Code of Good Banking Practice. It outlines the objectives of the code, which are to set standards for fair dealings with customers, ensure customers understand banking services, promote trust in the banking system, and maintain high professional standards. It also describes some of the fundamental principles that banks agree to follow, such as avoiding conflicts of interest, treating all customers equally, safeguarding deposits, acting fairly, and maintaining confidentiality. Additionally, it covers practices related to opening and closing accounts, terms and conditions, interest and fees, statements, checks, lending, debt collection, and handling customer complaints.
The Saraf Committee was appointed by the RBI in 1994 to recommend ways to modernize the Indian banking system through new technologies. The committee recommended establishing an Electronic Funds Transfer system and electronic clearing services. It also suggested expanding the use of Magnetic Ink Character Recognition and introducing online inter-bank clearing. The recommendations helped modernize Indian banking and introduce online banking services.
Studied the objectives,code of bank’s commitment to customers, The micro.small and medium enterprises development act 2006,code of bank’s commitment to MSEs and banking ombudsman
Mobile financial services overview policy and current scenarioDr Lendy Spires
This document provides an overview of mobile financial services (MFS) in Bangladesh. It discusses how MFS can promote financial inclusion by allowing access to banking services via mobile phones. Key points include:
- Traditional banking in Bangladesh is branch-based and concentrated in urban areas, leaving many rural communities unserved. MFS can expand access through mobile networks.
- Bangladesh Bank regulates MFS and requires banks to obtain approval to offer these services. Regulations cover KYC procedures, limits on transactions, security, interoperability and consumer protection.
- MFS use has grown rapidly in Bangladesh, with over 19 banks offering services through nearly 5 lakh agents. On average there are 15 lakh transactions per day
The document discusses the Banking Ombudsman Scheme in India. It defines the Banking Ombudsman as a quasi-judicial authority appointed by the Reserve Bank of India to redress customer complaints against deficiencies in banking services. It outlines the grounds on which complaints can be filed, including non-payment or delay of payments/collections, failure to provide services, and non-adherence to RBI directives. It provides details on how to file an online complaint and notes the Ombudsman aims to resolve issues within 30 days. As an example, it summarizes a case where a fraudulent cheque encashment was investigated and the disputed amount was ultimately paid to the complainant.
The Banking Regulation Act of 1949 defines banking as accepting deposits from the public that are repayable on demand for the purpose of lending or investment. The Reserve Bank of India Act of 1934 and the Banking Regulation Act of 1949 govern banking operations in India. A formal letter of introduction is required when opening a new bank account to verify the applicant's identity and banking history. The letter should be printed on bank letterhead and signed by an authorized bank officer.
This document discusses Know Your Customer (KYC) norms and procedures in India. It outlines the key pillars of KYC including customer acceptance policies, identification procedures, monitoring transactions, and risk management. It also describes Electronic KYC (e-KYC) which allows for a paperless KYC process using digital devices and Centralized KYC (c-KYC) which enables the sharing of KYC records across financial sectors. The goal of KYC is to verify customers' identities, prevent criminal activity, and manage risks associated with customers.
This document provides information about opening a bank account. It lists the group members and their college, then defines what a bank is. It outlines the key regulatory bodies for banks in India and lists 6 important reasons for opening an account, such as safe money storage, payments, collections, loans, and safe deposit lockers. It also describes the main types of bank accounts like savings accounts, current accounts, fixed deposits, and recurring deposits. Finally, it outlines various features, services, and loans provided by banks.
1) The RBI guidelines allow 44 banks to offer mobile banking services in India and were first issued in 2008 to regulate mobile banking transactions.
2) Banks can offer mobile banking services via SMS, USSD, or mobile apps after obtaining permission from RBI. Services must follow KYC/AML guidelines and banks must report suspicious transactions.
3) The guidelines outline technology and security standards for mobile banking including encryption, firewalls, and user authentication through mPIN or higher authentication. Customer protection issues are also addressed.
Core banking solutions allow customers to access their bank accounts and conduct transactions from any branch of their bank nationwide. This overcomes previous limitations where customers could only withdraw or deposit at their specific branch location. Internet banking evolved from PC banking and allows customers to manage their accounts online through a bank's website. It provides benefits like 24/7 access and faster processing. Online banking is a type of internet banking that can perform most traditional branch services virtually, like deposits, bill payments and account monitoring.
The document provides an overview of various legal aspects related to banking operations in India. It discusses key definitions and functions from the Banking Regulation Act and Reserve Bank of India Act. It also summarizes regulations around licensing, ownership, governance, capital requirements, reserves, reporting, audits and other compliance aspects for various types of banks operating in India.
The Reserve Bank of India established the Bankers Plus Academy and Banking Ombudsman scheme. The Banking Ombudsman resolves complaints between banks or their customers through conciliation, mediation, and arbitration. Complaints include issues like non-payment/delay of loans, cheques, or deposits. Customers must first file the complaint with the bank, and can approach the Banking Ombudsman if no response or an unsatisfactory response is received within one month. The Banking Ombudsman can award compensation up to Rs. 10 lakh to the customer. Appeals against the Banking Ombudsman's decision can be made to the Deputy Governor of the RBI within 30 days.
The document summarizes the key findings and recommendations of the Damodaran Committee on Customer Service in the Indian banking sector. The committee was formed in 2010 by the Reserve Bank of India to examine customer service aspects of banks. It received feedback from stakeholders and assessed customer service on the ground. The committee made recommendations related to improving various banking services like deposits, loans, technology usage, grievance redressal and the role of bank boards/ombudsmen in enhancing customer service. It emphasized making services more customer-centric, transparent, technology-enabled and promoting financial inclusion.
Novatti is an Australian company that has developed mobile financial solutions since 1996. It provides payment technology and platforms to enable financial institutions and mobile operators to offer services like mobile banking, branchless banking, and value-added services. Novatti's platform allows clients to quickly launch new payment products and services to reach unbanked users through networks of agents. It aims to help clients grow and differentiate by taking advantage of expanding mobile and unbanked markets.
This document provides an overview of banking services available for small businesses. It discusses choosing the right bank, common banking services like checking and savings accounts, additional services like loans and merchant processing, and tips for improving chances of getting a loan. The objectives are to explain small business banking services and how to evaluate options. Key advice includes separating business and personal banking, building relationships with bankers, and taking steps to protect the business from online fraud.
The Banking Ombudsman Scheme provides an inexpensive and transparent mechanism for resolving complaints relating to services provided by banks. The Banking Ombudsman is a senior official appointed by the RBI to impartially address customer complaints against their bank. Complaints that can be lodged include issues with loans, deposits, cheques, remittances, and other banking services. The procedure for filing a complaint is online or written and must be submitted within 30 days of responding to the bank. Compensation awarded is limited to a maximum of Rs. 20 lakhs for financial loss and Rs. 1 lakh for mental agony.
The Banking Ombudsman Scheme was introduced in India in 1995 by the Reserve Bank of India to provide customers an avenue to file complaints against banks and seek redressal. The 2006 scheme expanded the scope of complaints covered to include internet banking and introduced the position of Banking Ombudsman to hear complaints. A customer can file a complaint with the local Banking Ombudsman if the bank fails to address issues related to services like ATM transactions, loans, accounts within timeframes. The case study describes how a customer approached the Banking Ombudsman after the bank made multiple errors in recording his personal details, failed to address them properly and caused him distress, for which the bank was fined.
The document discusses various banking and financial concepts. It explains the need for borrowing and different sources of borrowing including internal sources like friends and family and external sources like banks. It defines key banking terms like loans, interest, and the role of the Reserve Bank of India in regulating banks and maintaining financial stability. The document also covers consumer rights and introduces concepts like types of bank accounts, cheques, debit cards, credit cards, ATMs and digital banking facilities like internet banking and mobile banking.
Prepaid payment instruments allow users to store funds that can be used for transactions and include items like smart cards, magnetic strip cards, internet accounts, and mobile wallets. They provide convenience compared to cash and allow for e-payments. The Reserve Bank of India regulates prepaid payment instruments in India and classifies them into closed systems only usable with one company, semi-closed systems usable at identified merchants, and open systems usable anywhere with cash withdrawal. Non-bank companies can only issue closed and semi-closed instruments while banks can issue all types and interest is earned on funds depending on the system and agreements. As mobile phone usage exceeds bank accounts in India, prepaid payment instruments and mobile wallets are becoming increasingly important for digital
An agent is a third party entity engaged by a financial institution to provide financial services on its behalf using the agent's premises. Agent banking allows customers to access services in a more familiar way than a traditional bank branch. It provides services like deposits, withdrawals, remittances, bill payments and fund transfers. Agent banking uses a branchless model to expand access in rural areas where bank branches may not be economical. It benefits customers, agents and banks. Regulations require agents to be qualified and banks to obtain approval to implement agent banking. Challenges include ensuring profitability and preventing fraud.
Bb guidelines on agent banking for the banksFazlul Karim
The document provides guidelines for banks on agent banking in Bangladesh. It defines agent banking as providing limited banking services through engaged agents rather than tellers. It outlines the services agents can provide, including deposits, withdrawals, remittances, bill payments, and more. It also specifies eligible agent types, the regulatory requirements for banks, risk mitigation responsibilities, technical system requirements, and agent selection criteria. The guidelines aim to promote financial inclusion while ensuring the safety and security of the agent banking system.
This document summarizes the key aspects of the Uganda Code of Good Banking Practice. It outlines the objectives of the code, which are to set standards for fair dealings with customers, ensure customers understand banking services, promote trust in the banking system, and maintain high professional standards. It also describes some of the fundamental principles that banks agree to follow, such as avoiding conflicts of interest, treating all customers equally, safeguarding deposits, acting fairly, and maintaining confidentiality. Additionally, it covers practices related to opening and closing accounts, terms and conditions, interest and fees, statements, checks, lending, debt collection, and handling customer complaints.
The Saraf Committee was appointed by the RBI in 1994 to recommend ways to modernize the Indian banking system through new technologies. The committee recommended establishing an Electronic Funds Transfer system and electronic clearing services. It also suggested expanding the use of Magnetic Ink Character Recognition and introducing online inter-bank clearing. The recommendations helped modernize Indian banking and introduce online banking services.
Studied the objectives,code of bank’s commitment to customers, The micro.small and medium enterprises development act 2006,code of bank’s commitment to MSEs and banking ombudsman
Mobile financial services overview policy and current scenarioDr Lendy Spires
This document provides an overview of mobile financial services (MFS) in Bangladesh. It discusses how MFS can promote financial inclusion by allowing access to banking services via mobile phones. Key points include:
- Traditional banking in Bangladesh is branch-based and concentrated in urban areas, leaving many rural communities unserved. MFS can expand access through mobile networks.
- Bangladesh Bank regulates MFS and requires banks to obtain approval to offer these services. Regulations cover KYC procedures, limits on transactions, security, interoperability and consumer protection.
- MFS use has grown rapidly in Bangladesh, with over 19 banks offering services through nearly 5 lakh agents. On average there are 15 lakh transactions per day
The document discusses the Banking Ombudsman Scheme in India. It defines the Banking Ombudsman as a quasi-judicial authority appointed by the Reserve Bank of India to redress customer complaints against deficiencies in banking services. It outlines the grounds on which complaints can be filed, including non-payment or delay of payments/collections, failure to provide services, and non-adherence to RBI directives. It provides details on how to file an online complaint and notes the Ombudsman aims to resolve issues within 30 days. As an example, it summarizes a case where a fraudulent cheque encashment was investigated and the disputed amount was ultimately paid to the complainant.
The Banking Regulation Act of 1949 defines banking as accepting deposits from the public that are repayable on demand for the purpose of lending or investment. The Reserve Bank of India Act of 1934 and the Banking Regulation Act of 1949 govern banking operations in India. A formal letter of introduction is required when opening a new bank account to verify the applicant's identity and banking history. The letter should be printed on bank letterhead and signed by an authorized bank officer.
This document discusses Know Your Customer (KYC) norms and procedures in India. It outlines the key pillars of KYC including customer acceptance policies, identification procedures, monitoring transactions, and risk management. It also describes Electronic KYC (e-KYC) which allows for a paperless KYC process using digital devices and Centralized KYC (c-KYC) which enables the sharing of KYC records across financial sectors. The goal of KYC is to verify customers' identities, prevent criminal activity, and manage risks associated with customers.
This document provides information about opening a bank account. It lists the group members and their college, then defines what a bank is. It outlines the key regulatory bodies for banks in India and lists 6 important reasons for opening an account, such as safe money storage, payments, collections, loans, and safe deposit lockers. It also describes the main types of bank accounts like savings accounts, current accounts, fixed deposits, and recurring deposits. Finally, it outlines various features, services, and loans provided by banks.
1) The RBI guidelines allow 44 banks to offer mobile banking services in India and were first issued in 2008 to regulate mobile banking transactions.
2) Banks can offer mobile banking services via SMS, USSD, or mobile apps after obtaining permission from RBI. Services must follow KYC/AML guidelines and banks must report suspicious transactions.
3) The guidelines outline technology and security standards for mobile banking including encryption, firewalls, and user authentication through mPIN or higher authentication. Customer protection issues are also addressed.
Core banking solutions allow customers to access their bank accounts and conduct transactions from any branch of their bank nationwide. This overcomes previous limitations where customers could only withdraw or deposit at their specific branch location. Internet banking evolved from PC banking and allows customers to manage their accounts online through a bank's website. It provides benefits like 24/7 access and faster processing. Online banking is a type of internet banking that can perform most traditional branch services virtually, like deposits, bill payments and account monitoring.
The document provides an overview of various legal aspects related to banking operations in India. It discusses key definitions and functions from the Banking Regulation Act and Reserve Bank of India Act. It also summarizes regulations around licensing, ownership, governance, capital requirements, reserves, reporting, audits and other compliance aspects for various types of banks operating in India.
The Reserve Bank of India established the Bankers Plus Academy and Banking Ombudsman scheme. The Banking Ombudsman resolves complaints between banks or their customers through conciliation, mediation, and arbitration. Complaints include issues like non-payment/delay of loans, cheques, or deposits. Customers must first file the complaint with the bank, and can approach the Banking Ombudsman if no response or an unsatisfactory response is received within one month. The Banking Ombudsman can award compensation up to Rs. 10 lakh to the customer. Appeals against the Banking Ombudsman's decision can be made to the Deputy Governor of the RBI within 30 days.
The document summarizes the key findings and recommendations of the Damodaran Committee on Customer Service in the Indian banking sector. The committee was formed in 2010 by the Reserve Bank of India to examine customer service aspects of banks. It received feedback from stakeholders and assessed customer service on the ground. The committee made recommendations related to improving various banking services like deposits, loans, technology usage, grievance redressal and the role of bank boards/ombudsmen in enhancing customer service. It emphasized making services more customer-centric, transparent, technology-enabled and promoting financial inclusion.
Novatti is an Australian company that has developed mobile financial solutions since 1996. It provides payment technology and platforms to enable financial institutions and mobile operators to offer services like mobile banking, branchless banking, and value-added services. Novatti's platform allows clients to quickly launch new payment products and services to reach unbanked users through networks of agents. It aims to help clients grow and differentiate by taking advantage of expanding mobile and unbanked markets.
This document provides an overview of banking services available for small businesses. It discusses choosing the right bank, common banking services like checking and savings accounts, additional services like loans and merchant processing, and tips for improving chances of getting a loan. The objectives are to explain small business banking services and how to evaluate options. Key advice includes separating business and personal banking, building relationships with bankers, and taking steps to protect the business from online fraud.
The Banking Ombudsman Scheme provides an inexpensive and transparent mechanism for resolving complaints relating to services provided by banks. The Banking Ombudsman is a senior official appointed by the RBI to impartially address customer complaints against their bank. Complaints that can be lodged include issues with loans, deposits, cheques, remittances, and other banking services. The procedure for filing a complaint is online or written and must be submitted within 30 days of responding to the bank. Compensation awarded is limited to a maximum of Rs. 20 lakhs for financial loss and Rs. 1 lakh for mental agony.
The Banking Ombudsman Scheme was introduced in India in 1995 by the Reserve Bank of India to provide customers an avenue to file complaints against banks and seek redressal. The 2006 scheme expanded the scope of complaints covered to include internet banking and introduced the position of Banking Ombudsman to hear complaints. A customer can file a complaint with the local Banking Ombudsman if the bank fails to address issues related to services like ATM transactions, loans, accounts within timeframes. The case study describes how a customer approached the Banking Ombudsman after the bank made multiple errors in recording his personal details, failed to address them properly and caused him distress, for which the bank was fined.
The document discusses various banking and financial concepts. It explains the need for borrowing and different sources of borrowing including internal sources like friends and family and external sources like banks. It defines key banking terms like loans, interest, and the role of the Reserve Bank of India in regulating banks and maintaining financial stability. The document also covers consumer rights and introduces concepts like types of bank accounts, cheques, debit cards, credit cards, ATMs and digital banking facilities like internet banking and mobile banking.
Prepaid payment instruments allow users to store funds that can be used for transactions and include items like smart cards, magnetic strip cards, internet accounts, and mobile wallets. They provide convenience compared to cash and allow for e-payments. The Reserve Bank of India regulates prepaid payment instruments in India and classifies them into closed systems only usable with one company, semi-closed systems usable at identified merchants, and open systems usable anywhere with cash withdrawal. Non-bank companies can only issue closed and semi-closed instruments while banks can issue all types and interest is earned on funds depending on the system and agreements. As mobile phone usage exceeds bank accounts in India, prepaid payment instruments and mobile wallets are becoming increasingly important for digital
An agent is a third party entity engaged by a financial institution to provide financial services on its behalf using the agent's premises. Agent banking allows customers to access services in a more familiar way than a traditional bank branch. It provides services like deposits, withdrawals, remittances, bill payments and fund transfers. Agent banking uses a branchless model to expand access in rural areas where bank branches may not be economical. It benefits customers, agents and banks. Regulations require agents to be qualified and banks to obtain approval to implement agent banking. Challenges include ensuring profitability and preventing fraud.
Bb guidelines on agent banking for the banksFazlul Karim
The document provides guidelines for banks on agent banking in Bangladesh. It defines agent banking as providing limited banking services through engaged agents rather than tellers. It outlines the services agents can provide, including deposits, withdrawals, remittances, bill payments, and more. It also specifies eligible agent types, the regulatory requirements for banks, risk mitigation responsibilities, technical system requirements, and agent selection criteria. The guidelines aim to promote financial inclusion while ensuring the safety and security of the agent banking system.
Mobile Payments in India - Operative Guidelines for BanksDev Khare
The document provides draft operating guidelines for mobile payments in India issued by the Reserve Bank of India. It outlines key regulatory and supervisory issues for banks offering mobile payment services, including customer registration requirements, technology and security standards, interoperability, clearing and settlement processes, and customer grievance redressal mechanisms. The guidelines are intended to help establish a framework for mobile payments in India while ensuring appropriate risk controls and consumer protections are in place.
Draft Guidelines for Licensing of “Payments Banks”BFSICM
The Reserve Bank of India has issued draft guidelines for licensing "Payments Banks" to promote financial inclusion. Payments Banks will accept demand deposits and provide payment/remittance services through various channels. They will be restricted to holding customer balances of Rs. 100,000 initially and investing funds in government securities with maturity up to 1 year. Applicants must have a net worth of Rs. 100 crore and maintain capital adequacy of 15%. Licensing will involve an initial screening followed by evaluation from an expert advisory committee and final approval from RBI.
mobile payment in india operative guidelines forAshish Barapatre
This document provides guidelines for banks in India regarding mobile payment services. It defines mobile payments as financial transactions through mobile phones that debit or credit a customer's account. The guidelines specify that only licensed and supervised Indian banks with a physical presence in India can offer these services in Indian rupees. Banks must follow Know Your Customer and anti-money laundering guidelines, register customers before providing services, and implement secure authentication and encryption technologies. Financial transactions also require prior customer registration and have set limits, while basic information services do not.
This document discusses integrating mobile banking and mobile money with Islamic microcredit. It outlines a potential product structure using an ujrah-based model where fees are charged for services provided in conjunction with interest-free loans. The fundamentals of the proposed structure are described, including potential sources of funding like cash waqf funds and restricted mudharaba capital. Challenges like operational efficiency, default risk, and consumer literacy are also discussed along with some mitigation strategies and a way forward.
Vietnam - Banking - Modernizing the System - What must be done: Dr. Oliver Massmann
The document discusses several issues and recommendations regarding Vietnam's banking system. It recommends that the State Bank of Vietnam (SBV):
1. Adopt a legal framework for cash management products to help businesses better manage cash flow and provide liquidity management tools.
2. Further develop regulatory frameworks for risk management of foreign exchange, interest rate, and commodity risks to help companies hedge business risks.
3. Prioritize digitization and develop a relevant financial technology ecosystem in Vietnam by forming policies to facilitate partnerships between startups and banks.
4. Provide banks more time and opportunities for feedback on new regulations to improve regulatory enforcement and compliance.
The document provides guidelines for banks on Know Your Customer (KYC) norms, branch licensing for Regional Rural Banks, cash reserve and statutory liquidity requirements for cooperative banks, and reporting fraud and maintaining deposit accounts. It outlines the objectives of KYC procedures, criteria for accepting customers, monitoring transactions, and establishing risk management policies. It also provides thresholds for reporting fraud cases to the police or CBI and relaxing conditions for RRBs to open branches in certain tiers or centers.
This document provides information on banking in India, including definitions, functions of commercial banks, and the evolving banking environment. It summarizes the introduction of banking regulations in India in 1949, the key functions of commercial banks, and how the banking sector has undergone structural changes due to financial reforms, increased competition, and technological advances. The emerging environment for banking is described as involving greater capital flow mobility, policy coordination, and financial market integration.
This document discusses agent banking in Bangladesh. It defines agent banking as banks performing services through other entities. Requirements to open agent banking include engaging entities like NGOs, post offices, companies and educated individuals. Banks must get approval from Bangladesh Bank to start agent banking. Facilities include transactions, bill payments, and funds transfers. Advantages are easy access, security, and supporting various transactions. Agent banking has grown rapidly due to simplicity and lower costs. Challenges include agent monitoring and security issues. In the future, agent banking is expected to further financial inclusion by providing services in remote areas and reducing customer costs and travel times.
The document provides an overview of the digital lending guidelines issued by the Reserve Bank of India (RBI) in September 2022. The key points are:
1. The guidelines aim to regulate the growing digital lending landscape in India while protecting customer interests. They apply to all regulated entities like banks and NBFCs, as well as their lending service provider partners.
2. The guidelines focus on customer protection, transparency requirements for regulated entities, and the roles and responsibilities of lending service providers.
3. Regulated entities must ensure loan disbursements and repayments are made directly to customer bank accounts, without involving third party accounts. Fees and charges must also be paid directly by regulated entities to partners
Agent banking is a popular financial service that allows banks to operate in remote areas through agents rather than branches. It has been very successful in increasing access to financial services in developing regions like Latin America and Africa. In Bangladesh, agent banking was introduced in 2013 to help the large portion of the population that lacks access to formal banking. It bridges the gap between people and banks by making services available in rural areas at lower costs than microfinance institutions. Banks can offer a full range of services through agents, who are connected to the bank's core platform and conduct transactions in real-time. Agent banking has grown significantly and is expected to have a presence in every district of Bangladesh by 2016. It provides an affordable alternative for serving both unbank
Lawyer in Vietnam Oliver Massmann BANKING and FINANCING ACTION PLAN:Dr. Oliver Massmann
The document outlines an action plan from a Foreign Investor Group with recommendations to modernize and internationally integrate Vietnam's banking system. It discusses developing cash management products and a risk management framework for enterprises. It also emphasizes digitization and recommends simplifying documentation requirements for foreign investors. Specific products proposed include allowing refinancing for offshore loans in a draft circular on lending. Overall it provides feedback to the State Bank of Vietnam on regulations and suggests priorities around cash management, risk hedging, financial technology adoption, and simplifying processes for foreign investors.
Mobile banking allows users to conduct financial transactions through their mobile devices. It originated in the late 1990s and early 2000s with the development of SMS banking and third generation mobile networks. Mobile banking provides benefits like convenience, mobility, and lower costs. In Bangladesh, mobile banking is popular for addressing the unbanked population and facilitating cheaper transactions. Some challenges to its growth include poor infrastructure, high costs, and legal/policy barriers.
financial intermediation business (1).pptSumit717679
Financial intermediaries collect savings from depositors and use these funds to purchase assets and issue claims against themselves. The key intermediaries are commercial banks, lease financing, hire purchase, venture capital, and securitization. Commercial banks are the largest and fastest growing financial intermediaries in India. They provide various services like bank accounts, loans, money transfers, credit/debit cards, and lockers. Reforms in the banking sector include interest rate deregulation, adoption of prudential norms, reduction in preemptions, and allowing new private banks. Asset liability management (ALM) matches bank assets and liabilities across various maturity periods to manage liquidity risk. Lease financing involves the owner of an asset providing it to a user
financial intermediation business (2).pptSumit717679
1. Financial intermediaries collect savings from others and issue claims against themselves, using the funds raised to purchase ownership or debt claims. Major intermediaries include commercial banks, lease financing, hire purchase, venture capital, and securitization.
2. Commercial banks are the oldest and largest financial intermediaries in India. They provide services like bank accounts, loans, money transfers, credit/debit cards, and lockers.
3. Lease financing and hire purchase are modes of financing that allow for the purchase of assets over time through periodic rental or installment payments, with ownership transferring at the end of the agreement. Both play an important role in providing access to capital.
The document discusses Know Your Customer (KYC) procedures for banks in India. It explains that KYC is a framework that allows banks to understand their customers and financial transactions to prevent money laundering and terrorist financing. The Reserve Bank of India mandates that banks follow KYC guidelines when opening and operating accounts. The guidelines require banks to verify customer identities and monitor transactions. Banks must have board-approved KYC policies covering customer acceptance, identification, monitoring, and risk management. Sound KYC procedures help protect banks from criminal activities and allow them to better understand customers and manage risks.
The four pillars of the financial system are savers, users, financial markets, and financial intermediaries. Banks are a key financial intermediary that mobilizes deposits from savers and lends to users, providing various financial services. While traditional banking has benefits like personal relationships, modern banking provides advantages such as accessibility, speed, and lower transaction costs through new technologies. Both systems have pros and cons, and majority of customers in India still prefer traditional banking.
New customers must open a bank account, fill out an application form, select a primary account and mobile channel, and agree to terms and conditions. Existing customers simply need to fill out the application form linking their registered mobile number to their existing account. All customers must have a valid ID and mobile phone compatible with the chosen mobile channel to complete registration for Oro Cash mobile banking services.
(1) RBI issued security and risk mitigation measures for electronic payment transactions that banks must implement by June 30, 2013 to secure card and online payment systems from cyberattacks and fraud.
(2) The measures include converting all magstripe cards to EMV chip cards for international transactions, implementing limits on international card usage, certifying payment terminals and infrastructure for security standards, and introducing real-time fraud monitoring and additional authentication for transactions.
(3) For online payments, the measures involve giving customers options to set transaction caps and limits on new payees, implementing velocity checks on transactions, capturing IP addresses, and exploring new authentication technologies for fraud detection.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
1. 1
Mobile Financial Service in Bangladesh
Guidelines on Mobile Financial Services (MFS) for the Banks
1. Introduction: The banking industry of Bangladesh has shown tremendous growth in
volume and complexity over the recent years. Despite making significant improvements
in all the areas relating to financial viability, profitability, innovation and
competitiveness, there are concerns that banks have not been able to include vast segment
of the population, especially the underprivileged sections and rural people into the fold
of basic banking services. On the other hand, rapid growth of mobile phone users and
wider range of the coverage of Mobile Network Operators (MNOs) has made their
delivery channel an important tool‐of‐the‐trade for extending banking services to the
unbanked/banked population. In order to ensure the access of unbanked people by
taking advantage of countrywide mobile network coverage, Bangladesh Bank has
brought out these operating guidelines for adoption by the commercial banks of
Bangladesh.
2. Issuance: Bangladesh Bank is issuing this guidelines as per the Article 7A(e) of Bangladesh
Bank Order, 1972 and Section 4 of Bangladesh Payment and Settlement Systems
Regulations, 2009.
3. Purpose: The purpose of these Guidelines is to:
I. Provide regulatory framework for the Mobile Financial Services [MFSs] which will
create an enabling environment for innovations in financial services;
II. Minimize the usage of cash and its associated costs;
III. Ensure compliance with Anti‐Money Laundering and Combating Financing of
Terrorism
(AML/CFT) standards set by AML/CFT rules, regulations, guidelines and instruction
issued by Bangladesh Bank; and
IV. Promote accessibility to formal financial services especially to the poor and
unbanked population at an affordable cost.
4. Scope: The guidelines shall apply to the scheduled commercial banks and their
subsidiaries operating in Bangladesh.
5. Mobile Financial Services: Bangladesh Bank may allow the following Mobile Financial
Services (in broad categories) ‐
I. Disbursement of inward foreign remittances,
2. 2
II. Cash in /out using mobile account through agents/Bank branches/ ATMs/Mobile
Operator’s outlets.
III. Person to Business Payments ‐ e.g. a. utility bill payments, b. merchant payments
IV. Business to Person Payments e.g. Salary disbursement, dividend and refund
warrant payments, vendor payments, etc.
V. Government to Person Payments e.g. Elderly allowances. Freedom‐fighter
allowances, subsidies, etc.
VI. Person to Government Payments e.g. tax, levy payments.
VII. Person to Person Payments (One registered mobile Account to another registered
mobile account).
VIII. Other payments like microfinance, overdrawn facility, insurance premium, DPS,
etc.
6. Permissible Models: Depending on the operation, responsibility and relationship(s)
among banks, MNOs, Solution
Providers and customers mainly two types of mobile financial services (Bank led and Non-
Bank led) are followed worldwide. From legal and regulatory perspective, only the bank‐led
model will be allowed to operate. The bank‐led model shall offer an alternative to
conventional branch‐based banking to unbanked population through appointed agents
facilitated by the MNOs/Solution Providers. Customer account, termed “Mobile Account" will
rest with the bank and will be accessible through customers’ mobile device. Mobile Account
will be a non‐chequing limited purpose account.
7. Regulatory Issues:
7.1 Approval from Bangladesh Bank
1. Without having approval from Bangladesh Bank no bank is allowed to do such
business.
2. Banks willing to provide Mobile Financial Services shall seek prior approval
from Bangladesh Bank, with full details of the services including tentative
implementation schedule.
3. Banks shall have to submit agreement(s)/MOU(s) containing Service Level
Agreement (SLA) signed between banks and their partners/agents before launching the
product.
4. The Cash Points/Agents shall have to be selected by the bank and a list of the Cash
Points/ Agents with their names and addresses shall have to be submitted to the
Department of Currency
3. 3
Management and Payment System (DCMPS), Bangladesh Bank and will be updated on
monthly basis.
5. At any point of time, the relevant balance in bank book shall be equal to the virtual
balance of all registered mobile accounts shown in the system. Banks will be the
custodian of individual customers' deposits.
6. The inward foreign remittance (credited to Nostro Accounts of Banks) transfer
arrangement through designated Cash Points/Agents will be used only for delivery in
local currency.
7. The platform should not be used for cross border outward remittance of funds without
prior approval from Bangladesh Bank.
8. Bangladesh Bank may withhold, suspend or cancel approval for providing MFS
services if it considers any action by any of the parties involved in the system
detrimental to the public interest.
7.2 Opening of Mobile Accounts: Banks must ensure that a 'Mobile Account' has been opened
for each customer seeking to avail Mobile Financial Services with all the required documents
(as per KYC form of Annexure 1).
7.3 Transaction Limit: Bangladesh Bank will fix the transaction limit as well as overall cap
(per customer/ per month) For Person to Person Payments as and when needed.
7.4 Charge for the Services: For these products and services Banks may fix up charges which
will be under Bangladesh Bank Oversight.
7.5 Interest/Profit: Banks shall pay interest/profit on the deposits lying with the customers’
mobile accounts.
7.6 Antimony Laundering Compliance:
1. Banks and its partners shall have to comply with the prevailing Anti‐Money
Laundering (AML)/Combating the Financing of Terrorism (CFT) related laws,
regulations and guidelines issued by Bangladesh Bank from time to time.
2. Banks shall have to use a new 'Know Your Customer (KYC)' format as given in
Annex I. The Bank will be responsible for authenticity of the KYC of all the customers.
3. Banks shall have to follow full KYC format issued by Anti Money Laundering
Department (AMLD) of Bangladesh Bank for the cash points/agents/partners.
4. Banks shall ensure that suspect transactions can be isolated for subsequent
investigation. Banks shall develop an IT based automated system to identify suspicious
activity/transaction report (STR/SAR) before introducing the services.
5. Banks shall immediately report to Anti‐Money Laundering Department of
Bangladesh Bank regarding any suspicious, unusual or doubtful transactions likely
to be related to money laundering or terrorist financing activities.
4. 4
7.7 Risk Mitigation
1. Banks shall be responsible for mitigation of all kinds of risks such as liquidity
risk,
operational risks, fraud risks including money laundering and terrorist financing
risks. Technical risks should be covered by the solution provider.
2. The banks bear all the liabilities that arise from improper action on the part
of their subsidiaries/cash points/agents/partners.
7.8 Record Retention
MFS transaction‐records must be retained for six (06) years from the origination date
of the entry. The Participating Bank(s) must, if requested by its customer, or the
Receiving Bank(s), provide the requester with a printout or reproduction of the
information relating to the transaction. Banks should also be capable of reproducing the MFS
transaction‐records for later reference, whether by transmission, printing, or otherwise.
8. Selection of Partners/Agents
It is the bank’s responsibility to identify, contract, educate, equip and monitor activities of the
agents on a regular basis. There must be clear, well documented Agent Selection Policy and
Procedures. The agreement signed between the banks and the agents will primarily include
business hours of the cash points/agents, standard of performance, fees permissible by
Bangladesh Bank, customer service, dispute resolution procedure and proper signage.
Those who have country‐wide branch network such as NGOs, the MNOs or Govt. Postal
Department may act as partner/agent. Banks should publish list as well as addresses of cash
points/agents/partners in their website.
The following issues should be taken into account for selection of partners/agents:
1. Competence to implement and support the proposed activity
2. Financial soundness;
3. Ability to meet commitments under adverse conditions;
4. Business reputation;
5. Security and internal control, audit coverage, reporting and monitoring environment;
9. Oversight Issues: Banks shall have to follow rules, regulations, guidelines and instructions
issued by Bangladesh Bank .From time to time and preserve records as per Annex II, III,
IV and V for Bangladesh Bank oversight.
10. Security Issues
1. Banks shall have to follow the Guidelines on ICT Security for Scheduled Banks and
Financial Institutions, 2010 issued by the Bangladesh Bank and ICT Act, 2006 to address
the security issues of Mobile Financial Services.
5. 5
2. The following properties need to be addressed to offer a secure infrastructure for
financial transactions using mobile technology:
a. Confidentiality: Property that ensures transaction information cannot be viewed by
unauthorized persons.
b. Integrity: Property that the transaction information remains intact during
transmission and cannot be altered.
c. Authorization: Property that the authentic user has proper permission to perform
the particular transaction. It ensures how the system decides what the user can do.
d. Non-repudiation: Property that the particular transaction initiated by a user
cannot be denied by him/her later.
3. All the transactions must be authenticated by the account holders using their respective
Personal Identification Number (PIN) or similar other secured mechanism. To facilitate the
mobile financial services, the said PIN may be issued and authenticated by the bank
maintaining proper protection and security features.
4. The banks should ensure that a proper process is put in place to identify the customer when
the service is being enabled.
5. A second factor of authentication should be built‐in for additional security as chosen by the
bank.
11. Interoperability
1. Banks may link their mobile financial services with those of other banks for the convenience
of the users.
2. Mobile account may be linked with customer's bank account (if any).
12. Customer/Employee Education and Awareness
Banks shall take appropriate measures (may issue proper guidelines for dealing with customer
service and customer education) to raise awareness and educate their customers and employees
for using Mobile Financial Services.
13. Complaints and Grievance Redressal Procedure
1. Banks shall be held responsible to protect consumer rights and dispute resolution.
Banks may address dispute resolution with the assistance of selected partners/agents.
2. Banks shall have to disclose the risks, responsibilities and liabilities of the customers
on their websites and/or through printed material. Customers must be made aware of the risks
prior to sign up.
3. Bilateral contracts drawn up between the payee and payee’s bank, the participating banks
and service providers should clearly define the rights and obligations of each party.
6. 6
4. The grievance handling procedure including the compensation policy should be disclosed.
5. Whenever any consumer is dissatisfied by the action of the bank, the consumer can
register
Complaint with Bangladesh Bank to mediate the dispute. In that case decision from
Bangladesh Bank will be final.
As in the previous guidelines, the latest regulations (According to updated guideline announced
on 03 August, 2018) stipulate that the MFS providers will be led by only the scheduled
commercial banks. The banks already running MFS operations have been allowed to hold on
to their existing licence or form a subsidiary for the purpose. On the other hand, the new
applicants shall have to form a subsidiary. It is not clear, why the banks that already provide
MFS could not be asked to open subsidiaries instead of providing the services on their own. It
certainly violates the principles of uniformity and equality. The regulations also stipulate that
the parent banks have to own at least 51 per cent of the subsidiary's equity; but they are
permitted to take equity partners from other banks and non-bank financial institutions, NGOs,
investment and fin-tech companies. The mobile network operators (MNOs) have been kept
outside the list of permitted partners, but have been allowed to become distributors or super-
agents along with NGOs and the postal department. This appears to be justified as the BTRC,
and not Bangladesh Bank, is the controlling authority of MNOs.
The Current State of Mobile Financial Services in Bangladesh:
Bangladesh has a rapidly
growing mobile financial
services industry, with at least
10 providers already offering
services on the market, that
represent more than 8% of the
total registered mobile money
accounts globally. All this has
happened in less than four years
since the launch of the first
mobile financial service
products in 2011. Yet despite
this rapid growth, uptake among
development organizations in
Bangladesh remains low.
A baseline study conducted by mSTAR on the status of mobile money usage by USAID
implementing partners in June 2014 found that 86% of respondents (representing 24
organizations) were not using mobile money.
Since then, the mSTAR project at FHI 360 has helped several IPs make the transition to digital
payments, and they are already seeing positive results. For instance, the Aquaculture for
Income and Nutrition project has reduced the amount of time its staff wastes processing cash
payments by 600 days per year, while Dnet has reduced processing times for payments to its
health workers from 30 to 8 days.
7. 7
Recently, the mSTAR project completed a survey of current services, regulations, and usage
of mobile financial services in Bangladesh for USAID. Key findings from the report include:
Despite having a very clear mobile financial service (MFS) market leader, competition is
growing quickly with at least 10 banks now offering services and third-party agent networks
helping them to close the agent gap.
All of the USAID IP staff and 89% of beneficiaries surveyed own or have access to a mobile
phone.
More than 80% of MFS users agreed that the services are safe, easy, and convenient.
Among those staff and beneficiaries who had not used MFS, more than 80% said they did not
have a need to use MFS. At the beneficiary level, lack of knowledge about the existence of
MFS and how to use MFS were key reasons for why they were not using them.
The cost of MFS is by far the most important priority for customers, with 91% of MFS users
and 88% of non-users ranking ‘low transaction costs’ at the top.
A majority of respondents were interested in using MFS for bill payments (77%), savings
(76%), airtime top-ups (70%), education fee payments (60%), and merchant payments (55%).
The most common borrowing was happening through family members (46% for staff and 64%
for beneficiaries) and friends (48% for staff and 39% for beneficiaries). Less than 25% of
USAID IP staff borrowed from a traditional bank or MFI. Among beneficiaries, 24% borrowed
from a traditional bank and 32% from an MFI.
71% of MFS users live within one kilometre of an agent, compared to just 41% of those who
live that close to a bank branch.
People with both bank and MFS accounts are generally using the two accounts in similar ways.
Which bank provide the Mobile Financial services:
1. Brac Bank Limited
2. Dutch Bangla Bank Limited
3. ONE Bank Limited
4. United Commercial Bank Limited
5. Mercantile Bank Limited
6. Prime Bank Limited
7. Bangladesh Commerce Bank
8. Agrani Bank Ltd
9. National Credit & Commerce Bank Limited
10. First Security Islami Bank
11. IFIC Bank IFIC
12. Islami Bank Limited
13. Trust Bank Limited
14. AB Bank Limited
15. The City Bank Limited
16. Eastern Bank Limited
17. Dhaka Bank Limited
18. Al Arafa Islami Bank
19. EXIM Bank Limited
20. Bank Asia Limited
8. 8
Facilities
Mobile convergence: The immense adoption/usage of internet and mobile phones, and the
convergence of mobile with highly secured and robust technology solutions for mobile banking
have boosted the confidence of both banks and their customers alike. As a result, 2018 will see
a boost in mobile banking in emerging markets.
Ease of banking at minimum OPEX: Access to Mobile financial services reduces the
dependency of customers on Banks/bank staff for banking activities. Also, banking processes
become less time consuming and paperless. Transaction costs drop down drastically when they
shift from traditional to digital. According to PwC, a traditional bank transaction costs around
$4, when this is done digitally an online transaction costs 9 cents and mobile transaction costs
19 cents.
Hybrid model business strategy: While some banks go completely branchless, banks in
emerging markets prefer a hybrid business strategy. Technology platforms that allow easy and
secure customer onboarding, mobile wallet, mobile banking, agent banking and the facility to
make merchant payments address all the needs of customers. Besides, interactive, fast and an
efficient digital experience is supplemented by personal bank interaction for complex products
and services, thus customers get the best of both models.
Blockchain technology: Blockchain is not just a technology that reduces the cost of
transactions. It makes each transaction highly secure and eliminates the need for payment
processors, custodians and reconciliation bodies. It keeps cybercriminals at bay and makes data
manipulation impossible.
API’s are pushing the boundaries: Strong APIs have fuelled the creation of highly digitized
banking experience. Building APIs that support real-time payments is a top priority today. A
strong API architecture allows banking services across various channels, thus add value to
services.
Mature application of FinTech: Today's consumer is well-informed and demanding. Banks are
under pressure to provide banking at fingertips to this millennial customer. Mature application
of FinTech, combined with the government support for digitization in both emerged and
emerging markets has led to the culture of Digital first for both banks and their customers.
Technology partner advantage: All the above reasons have led banks to adopt Mobile financial
services model and go digital. However, the best part is that banks do not need to develop this
technology themselves. They can simply partner with a mobile financial service technology
provider and bring their bank to the customer on a mobile phone.
Limitations:
Belief: People living in rural have limited access to information technology. Thus they have
limited trust on technology. IN this scenario acceptance of virtual money instead of hard cash
is difficult proposition
Error rectification: If one person sends money to other wrongly, there is no way the person can
get the money back unless the other person send-back the money to him. The population who
is basically using MFS is not that educated, as a result the possibility of typing error is high.
Charging: The charges of MFS are very high compare to conventional banking system. And
this is one of the prime constraints on the way of MFS popularity in Bangladesh.
9. 9
Medium of communication: In MFS system the transaction takes place trough mobile phones
and the process is completely in English. By taking our educational level into consideration,
communicating in process which is in English is not convenient at all.
Regulatory constraints: Absence of supportive policies, guidelines, rules and regulations
relating to e-transactions are barrier to development in MFS. There are 19 banks already
launched their service in the market, but till now no interbank transaction guideline or
regulation policy established among those. So, it’s not possible to avail the MFS facilities of
bkash through DBBL or TBL. As no supportive mobile transaction policy is available it’s very
easy to involve in money laundering activities.
Agent Banking:
Agent Banking means providing limited scale banking and financial services to the
underserved population through engaged agents under a valid agency agreement, rather than
a teller/ cashier. It is the owner of an outlet who conducts banking transactions on behalf of a
bank. Globally these retailers are being increasingly utilized as important distribution channels
for financial inclusion. Bangladesh Bank has also decided to promote this complimentary
channel to reach to the poor segment of the society as well as existing bank customer with a
range of financial services especially to geographically dispersed locations.
Agent banking opportunities in Bangladesh:
With agent banking, banks are optimistic to target the outmost population of the country. The
instruction provided by Bangladesh bank is as such banks will only have their agent banking
operation in rural areas and pouroshova, Metropolitan cities and City corporation will be
excluded from agent banking operation. The ration of agents in rural and pouroshova is 2:1 that
means if a bank opens one agent point in pouroshova it needs open two agents in rural places
according to the guideline of Bangladesh Bank.
The main target customers will be,
Rural families having one member working in different cities
Rural families having one member working in abroad
Rural families have members studying in the city
Farmers who buys fertilizers and seeds from distant market
Farmers who normally do contract farming
Rural families who receive funds from different national and international NGOs
Freedom fighters and other group who receives grant from the government
Workers participating in food for work program of Bangladesh Government
Agent banking challenges in Bangladesh:
Challenges of agent banking operations
1. Challenges likely to be encountered by bank agents in regard to agent banking operations:
10. 10
In all the 5 banks sampled, bank agents view challenges likely to be brought about by agent
banking operations as various risks. 5.90% of the bank agents are of the opinion that agent
banking operations result in liquidity risk; 20.60% felt that there is a mild increase in credit
risk; 73.50% felt there is the operational risk.
2. Challenges likely to be encountered by commercial banks in regard to agent banking
operations:
In all the 5 banks sampled the commercial banks are likely to encounter challenges in agent
banking operations as follows: Reputational risk at 16.6%; some retail agents underperformed
and some have been robbed, and as a result the bank’s public image suffered. This operational
risk mentioned has caused reputational risk, and liquidity shortfalls in the retail agent’s cash
drawer. Consumer protection, including resolution of consumer grievances at 73.5%. Use of
retail agents is likely to increase the risk that customers are unable to understand their rights
and press claims when aggrieved. Customers are protected against fraud by laws and
regulations. But it is not clear to customers how they are protected against fraud when they use
retail agents to conduct financial transactions. For instance it may not be obvious whether the
customer should hold the bank or its retail agents liable if they suffer a loss.Anti – money
laundering and combating financing of terrorism (aml/cft) at 5.9%. Whenever account opening
and transaction processing is outsourced to retail agents aml/cft regulations generally require
agents to conduct some aspects of customer due diligence and suspicious transaction reporting.
The bank bears the risk that customers are improperly identified and that they use the retail
agent to launder money or channel funding to terrorists. Legal risk at 4% whereby financial
service providers have invested in a new delivery model they can predict and manage how
relevant laws, regulations and legal agreements will be applied and enforced and how these
things may change over time.
Besides there are several challenges in here
Agent banking is a totally new service to the banking sector so customer may find it
difficult to understand the service system.
Information about agent banking is very less descriptive as its structure also new.
Lots of work and activities at the office
Some of my colleagues went to training and it became more pressure of work for me at
the office
Hardly got any leave from my internship program as we were two people working
instead of six
Hardly got any time for my report researching in office.
Got no access to the computer and no ID and password was given to me.
In the front desk only one computer can access in the internet and I was not allowed to
use it.
As the Bank time schedule, rules and regulation is so tight and I had to maintain the
regular attendance.