Legal & Regulatory Framework
In order to give legal and regulatory support to growing methods for electronic transfer of funds, Bangladesh Bank has governed a number legal and regulatory framework. Existing Legal and Regulatory Framework of Payment and Settlement Systems of Bangladesh below –
- Bangladesh Payment and Settlement Systems Regulations (BPSSR), 2009 published on 27 April 2009.
- Bangladesh Automated Cheque Processing Systems (BACPS) Operating Rules and Procedures has been published on 11 January 2010.
- Bangladesh Electronic Funds Transfer Network (BEFTN) Operating Rules has been published on 11 August 2010.
- Guidelines on Mobile Financial Services for the Banks has been published on September, 2011.
Steps have also been taken to bring amendment in certain provision of the existing Negotiable Instruments Act, 1881 and Bankers Book of Evidence Act, 1891 in order to provide comprehensive legal backing to the operation of Electronic Clearing House. Bangladesh Bank in cooperation with IFC-BICF has drafted Payment Systems Act; reviewed the existing BPSSR, 2009; drafted a new BPSSR, 2012 and Regulations for Electronic Funds Transfer, 2012 and is drafting rules for electronic payments.
In order to start M-Commerce in Bangladesh, mobile network operators have been given permission to sell railway tickets and tickets of cricket matches organized by the Bangladesh Cricket Board (BCB) using mobile technology. Three Telcos have got permission for m-Commerce related transactions. Approximately 425,000 utility (water, gas and electricity) bill payments are made and 12,000 train tickets are sold per month. Besides, tickets of the cricket matches organized by Bangladesh Cricket Control Board are also sold via m-commerce.