BB allows banks to utilize CSR to boost digital transactions

Bangladesh Bank (BB) today (May 31) said banks can utilize Social Responsibility (CSR) funds to encourage digital transactions from June 1 this year to June 31, 2025.

A directive in this regard was issued by the Central Bank and copy of the same was forwarded to the managing directors and Chief Executives of the banks on Friday (May 31).

According to the notice, “Banks can utilize their CSR fund to bring the marginalized people into the digital payment ecosystem in coordination with the Vision Plan 2021-41 and the Eighth Five Year Plan to bring marginalized buyers and sellers under the digital payment infrastructure to achieve the target of making 30 percent of all transactions in the country online or cashless by 2025 and 100 percent by 2031 under the ‘Cashless Bangladesh’ initiative to popularize transactions on the BanglaQR channel”

Bangladesh Bank has also specified which expenses can be made from the CSR fund.

The directive said, “During the special campaign conducted by the banks, various fees fixed for the micro-merchants can be spent from the CSR fund.”

Apart from this, all campaigns related to Cashless Bangladesh campaign, organizing awareness meetings, seminars and training programs, transaction costs at sacrificial animal market and all related infrastructure preparation expenses can also be done from the CSR sector, Central Bank specified in the directive.

However, under the cashless Bangladesh initiative, the travel allowance, accommodation and hotel bills of the officials of the concerned bank cannot be displayed in the CSR fund, directive added.