Bangladesh Bank has expanded the operational scope of Offshore Banking Units (OBUs) to allow them to serve a broader category of non-resident customers.
According to a circular issued on Wednesday, OBUs of scheduled commercial banks will now be able to provide a range of trade-related and other legitimate financial services to non-resident clients who maintain accounts with them.
These include functions such as trade advising, document collection, and settlements.
BB officials said that the enhanced scope will support OBUs to earn services income in foreign currency against services to be provided to non-resident customers.
They said that the new decision aimed to enhance the competitiveness of local banks operating offshore units and attract more non-resident accounts and foreign inflows through formal channels.
To ensure financial integrity and regulatory compliance, the circular imposes several safeguards.
OBUs must verify the legitimacy of the services provided to non-resident clients, refrain from undertaking any financial commitments or credit exposures on their behalf, and conduct thorough due diligence before executing any transaction.
The directive authorised OBUs to facilitate the repatriation of inward remittances into customers鈥� accounts through internationally recognised channels such as licensed money transfer operators, online payment gateway service providers, digital wallets, and card schemes.
The OBUs are now permitted to establish direct foreign currency arrangements with these international service providers.
For repatriated funds belonging to account holders in other OBUs or domestic banking units, the directive mandates immediate settlement through the Bangladesh Bank鈥檚 Real Time Gross Settlement (RTGS) system to ensure prompt credit delivery and systemic liquidity flow.
