SANGSAD BHABAN, May 6, 2024 (BSS) - A bill titled 'Payment and Settlement System Bill-2024' aimed at bringing all kinds of payments generated in banks and non-bank financial institutions under the supervision of Bangladesh Bank (BB) was placed today in the Jatiya Sangsad (JS) here.

State Minister for Finance Wasika Ayesha Khan on behalf of Finance Minister Abul Hasan Mahmud Ali placed the bill in the House with Speaker Dr Shirin Sharmin Chaudhury in the chair.

While placing the bill, the State Minister for Finance said that many kinds of payments and transactions using digital platforms were taking place along with traditional payments.

The increasing transactions through the electronic payment system, the electronic fund transfer and mobile banking will come under the purview of the proposed law. It would provide users with a safeguard from electronic frauds, according to the bill.

The draft has provisions of imposing penalties for violating the law. A fine of Taka 25 lakh has been proposed as the maximum financial penalty.

The BB will exercise a provision of the proposed law to cancel licences of errant companies.

It will also be entitled to appeal to the High Court for liquidation of companies if they are engaged in anti-people activities.

In 2015, the BB first formulated the draft under a World Bank programme for strengthening the country's financial system.

According to finance division officials, the passage of the law will help releasing loans committed by the WB under the programme.

After placing of the proposed bill, the state minister proposed to send the bill to the parliamentary standing committee on the respective ministry for scrutiny and submit it before the House within next 15 days.