Two crude bombs exploded inside the compound of St Joseph Higher Secondary School in the capital’s Mohammadpur area early hours of Saturday (8 November).

The school authorities filed a general diary (GD) with Mohammadpur Police Station following the incident.

Confirming the matter to The Business Standard, the station’s Officer-in-Charge (OC) Kazi Rafiqul Ahmed said, “The explosions occurred around 2am inside an open space near the school’s third gate. No casualties were reported.”

“At the time of the incident, there was no electricity in the area, making it difficult to identify anyone from CCTV footage,” the OC added.

He further said that preliminary investigations suggest that unidentified individuals might have arrived on a motorcycle, detonated the bombs, and fled the scene. “We are currently investigating the matter.”

Dhaka Metropolitan Police Ramna Division Assistant Commissioner Mazharul Islam said unidentified individuals hurled two crude bombs targeting the church. 

One exploded, while the other remained unexploded, he added.

A programme is scheduled to take place in the church compound today (8 November).

Earlier in October, a similar bomb attack took place at Tejgaon’s Holy Rosary Church. Law enforcement agencies have yet to identify those involved in that incident.

According to the draft, the new rules aim to “promote financial inclusion, ensure the safety and reliability of e-money, and foster a competitive and innovation-driven payments environment”.

A senior Bangladesh Bank official, speaking on condition of anonymity, described the draft as “a milestone reform which will open up the digital finance space beyond traditional banks”.

He said the goal is to encourage competition, innovation, and interoperability. “We want a safe, inclusive, and technology-neutral framework where both banks and fintechs can expand financial access.”

Industry leaders have welcomed the move. “Allowing non-bank EMIs could significantly accelerate innovation and partnerships in mobile and online payments,” said a leading fintech executive.

Draft rules

The framework introduces two categories of e-money issuers: authorised EMIs, comprising regulated institutions such as banks and finance companies, and dedicated EMIs (DEMIs), non-bank entities exclusively engaged in e-money and related payment activities.

Applicants, especially DEMIs, must maintain a minimum Tk50 crore paid-up capital, submit a three-year business and risk plan, ensure fit and proper governance, and establish Trust and Settlement Accounts to safeguard customer funds.

E-money issuers must also implement a robust risk management framework, maintain tested technology systems with sound internal controls, employ multi-factor authentication for high-value transactions, and ensure continuous fraud detection and cyber resilience against evolving threats.

They must also establish effective and transparent governance, featuring directors of high integrity and strict segregation of duties, while requiring mandatory board audit and risk committees to ensure robust internal controls and continuous regulatory oversight.

Violations of the rules could result in fines of at least Tk50 lakh, license revocation, or civil and criminal proceedings.

Stakeholders have been invited to submit feedback before the final regulations are issued. Once adopted, the new framework is expected to reshape Bangladesh’s digital finance industry, aligning it more closely with international practices seen in China, India, and Malaysia.

Bangladesh Bank will exercise oversight and supervisory powers over e-money issuers under the authority granted by the Bangladesh Bank Order, 1972 and the Payment and Settlement Systems Act, 2024.