Bangladesh Bank (BB) on Thursday issued a set of directives to all banks, Mobile Financial Services (MFS) providers, Payment Service Providers (PSPs), and Payment System Operators (PSOs) to keep banking and digital transaction systems fully operational during the upcoming Eid-ul-Azha holidays.
The central bank issued a circular in this regard on Thursday, describing the matter as "highly important" to ensure hassle-free transactions for customers.
According to the circular, financial institutions must maintain uninterrupted services across automated teller machines (ATMs), point of sale (POS) terminals, QR codes, internet banking, online e-payment gateways, and MFS platforms throughout the holiday period.
The central bank directed banks to ensure 24/7 services at all ATM booths. Financial institutions must promptly resolve any technical glitches that may arise. The BB also emphasized maintaining an adequate supply of cash and ensuring round-the-clock security at the booths, suggesting that bank officials inspect ATM facilities if necessary.
While POS and QR code-based transaction systems must remain active at all times, the central bank ordered operators to raise awareness among merchants and customers to prevent fraudulent activities.
To bolster security for internet banking and online e-payment gateways, the central bank has made Two-Factor Authentication (2FA) mandatory. This security measure must be strictly enforced, particularly for "Card-Not-Present" (CNP) online transactions.
Additionally, receiving banks have been instructed to credit customer accounts immediately upon receiving settlement reports for transactions featuring the '85' branch code.
MFS providers have been asked to maintain seamless operations and ensure a sufficient supply of cash at agent points. Bangladesh Bank also instructed them to take necessary preparations to manage the surge in transaction volumes typical of the festive season.
The circular states that customers must be notified instantly via SMS alerts for all types of electronic transactions. To prevent any form of customer harassment or distress, financial institutions must operate a 24/7 customer helpline.
Furthermore, the central bank advised running awareness campaigns in the media to safeguard digital transactions and prevent fraud. The circular noted that all previous guidelines issued by the department regarding holiday operations must also be strictly followed.