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Bangladesh launches inter-bank fund transfer through internet

Bangladesh has launched inter-bank internet banking fund transfer services. This enables people in the country to transfer money to other accounts within minutes. A bank customer will be able to transfer up to Tk 50,000 in a single transaction through the National Payment Switch Bangladesh or NPSB of the Bangladesh Bank. A maximum of five transactions and total transfer of Tk 200,000 will be allowed per day. Customers can use the services to pay credit card bills, monthly instalment for deposit schemes or DPS, instalment of loan repayment, and insurance premiums. Bangladesh Bank said in a media release the customers will be able to transfer funds from account to account, account to debit or credit card and from debit or credit card to account. Deputy governor SM Moniruzzaman inaugurated the services at a function attended by the central bank’s executive directors and managing directors of several banks. NPSB was actually launched in 2012 to ease the process of inter-bank electronic payment. Initially, it allowed only inter-bank ATM transactions and later included inter-bank POS transactions.

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