75% cashless transactions by 2027: Governor
Bangladesh Bank Governor Abdur Rauf Talukdar said that efforts will be made so that 75% of the country's transactions go cashless within the next four years.
Cashless transactions would contribute to the growth of economic activities, the governor said at a MoU signing ceremony at the Bangladesh Bank conference room Sunday (12 February).
Under this MoU with the Bangladesh Investment Development Authority (BIDA), four banks including the central bank, Agrani Bank, Commercial Bank of Ceylon and Mutual Trust Bank will provide banking services through its One Stop Service.
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BIDA has plans to provide 150 services through its One Stop Service within the next six months to ensure ease of doing business.
Currently, 67 services are available in its One Stop Service and 12 more services are set to be added shortly.
The Bangladesh Bank will provide eight services through the One Stop Service including the approval for term loans in foreign currency from offshore banking units.
Besides, companies not listed in the capital market will be able to make cross border transfers of their shares.
The companies will also be able to bring back their offshore profit to the country and remit consultancy fees abroad.
Non-listed companies with foreign owners can take money abroad after selling their shares to domestic companies.
If the foreign institution in Bangladesh is closed, the remaining money will be allowed to be sent abroad.
Besides, Agrani and Mutual Trust Bank customers can open bank accounts online through this service.
The Commercial Bank of Ceylon can open temporary bank accounts and online bank accounts for foreign investors.
Abdur Rauf said many services such as fund disbursement of free finance and refinance of other banks with the Bangladesh Bank have been brought under Real-Time Gross Settlement (RTGS).
In addition, the central bank's core business services have been online for a long time.
He said the services under the One Stop Service will likely be provided within the next one month.
The governor said there is no substitute for investment to increase employment and urged BIDA to create an investment-friendly environment.
On 24 February 2019, investment development authority launched the online One Stop Service system.
