Written by The Banking Post
Bangladesh Bank has ordered all scheduled banks to directly handle every stage of prize bond transactions—from purchase to prize claim—and submit the compiled information to the central bank.
In a circular issued on 2 December, the central bank’s Debt Management Department instructed banks to receive all documents related to prize bond purchases, sales, and prize claim applications. After verification, banks must forward these papers to the respective regional offices of Bangladesh Bank.
A senior central bank official said scheduled banks will now be the sole intermediaries for customers seeking services involving prize bonds. According to him, the central bank will no longer operate any customer-facing counters.
“Scheduled banks will deal with the central bank directly. Bangladesh Bank will not engage in customer-facing activities,” he said, adding that the previous system required the central bank itself to process prize bond documents.
The new directive marks a significant operational shift: commercial banks will also take over the sale of savings certificates, a service previously provided at Bangladesh Bank branches.
Earlier this month, the central bank discontinued several public services across all its offices, including sales of savings certificates and prize bonds, the exchange of damaged notes, and automated challan services. These services are no longer available at its branches in Dhaka, Chattogram, Khulna, Bogura, Rajshahi, Sylhet, Barishal, and Rangpur.
Officials said the decision aligns with global central banking practices. No central bank abroad provides such direct financial services to the public. Security considerations also played a role, as the institution is designated a Key Point Installation (KPI), requiring tighter control over public access.
For decades, people relied on Bangladesh Bank’s Motijheel headquarters and regional offices for these financial services. The latest directive formally shifts that responsibility to commercial banks, making them the exclusive providers of prize bond services, savings certificate sales, and related transactions going forward.
