The Bangladesh Bank (BB) has issued a directive requiring credit card transaction data to be sent regularly to the central bank. From now on, monthly reports must be submitted by the 10th of the following month.
The directive states that card transactions have become a widely used payment method worldwide.
In Bangladesh, the use and demand for credit cards have been increasing significantly. Considering this growing demand, the central bank will collect more extensive data on card transactions to enrich its database.
This data will be useful for the central bank, commercial banks, financial institutions, researchers, and other stakeholders in analyzing consumer spending behavior.
Additionally, it will aid in launching innovative financial products and formulating necessary policies. To achieve this, all scheduled banks and non-banking financial institutions (NBFIs) providing card services must automate, accurately collect, compile, store, and analyze transaction data.
The information must be submitted regularly on a monthly basis through the designated portal, following the data template outlined in the operational manual.
From now on, every transaction detail must be automated and reported monthly. The report for each month must be submitted by the 10th of the following month.
This directive has been issued under the authority of Section 45 of the Bank Companies Act 1991 (as amended until 2023) and Section 38(1) of the Finance Companies Act 2023. The directive will take effect from April 1.
The central bank has sent this instruction to the managing directors and chief executive officers of all scheduled banks and NBFIs operating in the country.
