(BSS) - Bangladesh Bank has issued a comprehensive set of `Guidelines on Credit Card Operations of Banks` to reduce operational complexities, strengthen risk management practices, and foster a transparent environment for cashless financial transactions across the country.

The updated policy seeks to streamline the growing credit card market while ensuring a secure and efficient digital payment ecosystem.

The central bank has introduced a substantial increase in credit card limits to accommodate the rising demand for digital payments as a primary alternative to carrying cash.

According to the guidelines, the Maximum Credit Limit has been revised from Taka 25 lakh to Taka 40 lakh, while the Unsecured Credit Limit saw an increase from Taka 10 lakh to Taka 20 lakh.

These adjustments are part of the revised guidelines intended to provide greater financial flexibility to cardholders and support the national transition toward a cashless economy.

The central bank also updated its previous policies to accommodate the rapid expansion of credit card usage and the integration of ever-new features in the banking sector. The primary objective of these updates is to encourage responsible lending while creating a favorable environment for transparent cashless financial transactions.

By refining the existing framework, the authorities aim to eliminate the complexities that have emerged due to the increasing volume of credit card services and the evolution of modern technological features.

The new guidelines has established a structured framework to safeguard cardholders by protecting consumer rights and data privacy, implementing clear procedures for dispute resolution, addressing instances of fraud and complaints, and standardizing billing and collection processes to ensure transparency.

The revised guidelines provide an exhaustive operational scope covering the entire lifecycle of credit card services. The banking sector framework establishes guidelines for credit card classification and customer eligibility, regulates marketing and issuance, and implements advanced security measures to ensure the integrity of digital payment systems.

These comprehensive amendments were finalized after a thorough review of overall payment system complexities, card-related irregularities, and prevailing fraud risks. By addressing these challenges, the updated guidelines ensure a robust operational framework for banks, fostering a safer and more efficient digital transaction landscape for all stakeholders.