Strict Digital Banking Curbs Ahead of General Election

In a decisive move to curb the illicit flow of capital and prevent the bribery of voters, the Bangladesh Bank has announced sweeping temporary restrictions on Mobile Financial Services (MFS) and internet banking. These measures, aimed at safeguarding the integrity of the upcoming 13th National Parliamentary Election, are set to take effect from midnight tonight.

Four-Day Financial Lockdown

The central bank’s directive targets the most popular digital payment channels, including bKash, Rocket, and Nagad. Starting from midnight on Sunday, these restrictions will remain in force for a continuous 96-hour period, concluding at 11:59 pm on 12 February, the day of the election.

Under the new regulations, Person-to-Person (P2P) transfers—which are often the primary vehicle for small-scale political payoffs—will be strictly capped. While standard utility bill payments and merchant transactions remain unaffected to ensure citizens can still purchase essentials, the freedom to move cash between private accounts has been curtailed.

Key Transaction Limits (P2P)

Internet Banking and Surveillance

The restrictions on the National Payment Switch Bangladesh (NPSB) and Internet Banking Fund Transfer (IBFT) are even more stringent. Direct bank-to-bank transfers via mobile apps and web portals will be entirely suspended for P2P transactions. This is intended to prevent larger sums of money from being distributed through formal banking channels during the critical final hours of the campaign and on election day.

Vigilance and Enforcement

The central bank has ordered all MFS providers to establish “Emergency Response Cells” to handle complaints and monitor transactions in real-time. Providers are under strict instructions to place all activities under “close monitoring” and must report any suspicious or irregular financial patterns to the nearest police station immediately.

Law enforcement agencies and the Election Commission will have full access to transaction data upon request, ensuring that any attempts to circumvent these digital barriers are met with swift legal action. Financial experts suggest that while these measures may cause temporary inconvenience to the general public, they are essential tools for maintaining a level playing field in a high-stakes electoral environment.