Transaction through Binimoy to require separate account: Cenbank

Customers will need to open a separate account to open, use, and manage accounts on the "Binimoy" platform, which facilitates inter-transaction settlements among banks, mobile banking services (MFS), and Payment Service Providers (PSP), according to the guidelines issued by the Bangladesh Bank today.

The central bank said during the account opening, customers must ensure e-KYC. Once registered, the "Binimoy" option becomes accessible through MFS apps, internet banking accounts, and bank accounts.

Binimoy allows users to transfer money seamlessly between different accounts without the need to withdraw cash from an agent point. Additionally, it can be used to pay insurance premiums or EMIs, but a specific charge will apply. Moreover, utility bill payments, government bill payments, government dues, social safety net payments, government salary disbursements, salary disbursements, and e-commerce payments can also be made through the platform.

According to the Bangladesh Bank circular, sending money from an MFS to another MFS such as bKash to Rocket through the Binimoy platform incurs a fee of Tk5 per Tk1,000. Sending money from mobile banking to a bank account will cost Tk10 per Tk1,000. Similarly, sending money from mobile banking to a payment service provider's e-wallet will incur a fee of Tk5 per Tk1,000. Additionally, the receiving institution will pay Tk0.5 to the Bangladesh Bank for each transaction, irrespective of the transaction amount, using Binimoy.

However, the transaction limit for each mobile banking service will determine the amount of money that can be transferred daily. For example, a bKash or Rocket number can send a maximum of Tk25,000 per day, with a limit of five transactions. The same restrictions apply when sending money using the Binimoy platform. Users may need to update their mobile banking service apps after registration.

Currently, transactions are being initiated between 11 institutions, including eight banks and three MFS providers. The participating banks are Sonali Bank, BRAC Bank, UCB, Eastern Bank, Mutual Trust Bank, Pubali Bank, Al-Arafah Islami Bank, and Midland Bank. The MFS institutions involved are bKash, Rocket, and mCash. Additionally, a payment service provider called Tally Pay will be added to the service.

Apart from Binimoy, the central bank currently has four platforms solely for inter-bank transaction settlements. Among these, the central bank does not charge any fees except for the Bangladesh Automated Cheque Processing System.

In the Bangladesh Automated Cheque Processing System, cheque settlements up to Tk50,000 are free. For amounts over Tk50,000 up to Tk2 lakh, the central bank charges Tk10 per transaction, and for amounts exceeding this, the charge is Tk40. 

Additionally, there are no charges, fees, or commissions for transactions through the Bangladesh Electronic Funds Transfer Network, the National Payment Switch Bangladesh, and the Real-Time Gross Settlement system.