The New Nation - Internet Edition

Bangladesh Bank introduced online payment system in the country facilitating online fund transfers and payment of utility bills through local currency credit cards. One no longer needs to go to market for shopping spending hours in traffic jams or stand in long queues to pay utility bills. All these are now possible on the Internet.

Although these services are being introduced on a smaller scale, it is considered to be the first step towards a broader online banking. This move will certainly enhance the use of e-commerce in the country and online banking services facilitating subscribers of all commercial banks in Bangladesh.

Banks need to be prepared for offering such services. Customisation and integration are necessary for this purpose. Security measures along with a legal framework need to be put in place to safeguard both customers and banks. Banks are probably ready for this. From my 15 years banking experience having net facilities with several banks, I strongly suggest that stakeholders and government bodies should be prepared for online banking, otherwise it might not be used properly.

Consumers will get their first taste of the landmark online banking reform. But that's just the start. Between now and onward, a whole raft of new rules will take effect aimed at levelling the playing field between card issuers and consumers, who all too often have found themselves powerless to challenge onerous and abusive lending practices.

Balaram Sengupta.

Dhaka