News

Bangladesh Bank vows to loosen ATM establishment requirements

Bangladesh Bank logo

Bangladesh Bank logo

Bangladesh Bank has responded to recent complaints regarding its ATM establishment procedures, vowing to ease up on some of the procedural requirements.

Until last November, a bank only needed to rent a site and receive permission from its board or its designated authorization sub-body in order to set up a new ATM. Rules issued by the central bank late last year, however, mandated that the bank must not only secure a site and obtain approval from its board but must also submit the installation request to the nation’s central bank, according to ATM Marketplace.

Bank officials have complained that property owners are not willing to wait and hold a site until it has a commitment from the bank, while banks refuse to make a commitment without assurance that the request would be approved by Bangladesh Bank.

The predicament has led some big commercial banks to avoid installations, thereby hindering the Bangladeshi’s efforts to provide banking services to unbanked citizens through the increased availability of ATM banking, ATM Marketplace reports.

Dasgupta Asim Kumar, the executive director of Bangladesh Bank, said that the bank is prepared to respond to complaints regarding the new rules.

“We will take measures soon to make the ATM installation procedure easier and speedy,” Kumar said, according to ATM Marketplace.

One Response to Bangladesh Bank vows to loosen ATM establishment requirements

  1. Pingback: Counting On Currency