Bangladesh to launch its own debit card: BB Governor

Bangladesh Bank Governor Abdur Rouf Talukder has said the use of digital media is increasing in the banking sector day by day. Banks provide debit and credit card services for domestic and international transactions. Bangladesh is going to launch its own debit card. We are very close to launching our own debit card.

Bangladesh Bank Governor Abdur Rouf Talukder said this while inaugurating the ‘Banking on Digital Transformation’ conference at Pan Pacific Sonargaon Hotel in the capital on Wednesday (May 24.

Chairman of the Association of Bankers Bangladesh Limited (ABB) and BRAC Bank MD and CEO Selim R. F. Hossain, ABB’s Board of Governors and MDs and CEOs of different banks were present.

The governor said at present, international institutions like Visa, Master Card are providing debit and credit card services to the country’s banks for domestic and international transactions. Through this they are taking a large amount of foreign currency from the country every year as dividends. If Bangladesh’s own debit card is introduced, the dependence on foreign institutions for card-based transactions will decrease.

He said the most important issues in the banking sector are corporate governance and loan default. To solve this, we need to practice ethics in banking behaviour, train bank employees and ensure good governance. In this case, the implementation of banking policies and the strong role of top executives of banks can be the only solution to the problem of defaulted loans.

The governor said international standard training initiatives are being taken to make bankers aware. Bangladesh Bank has planned to increase all types of transactions in the banking sector to 75 percent by 2027.

He said currently most of the banks are using core banking solution software. Now on the brink of the fourth industrial revolution, the use of artificial intelligence in the banking sector will increase. Along with that, the banks should pay more attention to prepare for the new risks that are being created in the banking sector.