New schedule for check settlement from Monday

Sunbd Desk || Published: 2021-07-04 10:44:27 || Updated: 2021-07-04 10:44:27

Despite the strict restrictions announced by the government from July 1 to July 7, the bank will remain open to a limited extent from Monday (July 5). The central bank has announced a new timetable for the settlement of interbank checks to continue uninterrupted banking services.

As per the latest (June 30) directives of the Payment Systems Department of Bangladesh Bank, Real Time Gross Settlement or RTGS, established during the restriction period to facilitate interbank transactions to facilitate uninterrupted banking and payment services in Corona situation, Automated check clearing house (Bangladesh Automated Clearing House-BACH or Batch) and Bangladesh Electronic Funds Transfer Network (BEFTN) – the activities of these three platforms will also be limited. Through these services, payments are made from one branch to another or to the customer of another bank and automatic check settlement is done.

In addition, high value checks (over Rs. 5 lakhs) and regular value checks (less than Rs. 5 lakhs) have been scheduled to be cleared through BACH.

According to the new guidelines, checks amounting to more than Tk 5 lakh should be sent by 11:30 pm for clearing. These checks will be settled by 1 pm. And any regular check has to be sent to the clearing house by 12 noon. These checks will be settled by 2 pm. BACH will clear the checks at this time on the days of the restrictions announced by the government until further instructions.

RTGS transactions will be from 10 am to 1.30 pm. However, payment of customs duties, fees, charges etc. and interbank transactions can be made through RTGS till 2.30 pm.

Bangladesh Electronic Funds Transfer Network (BEFTN) service will continue as per the previous rules.

Meanwhile, on June 30, Bangladesh Bank’s Department of Off-site Supervision has issued a new directive on banking activities in the context of restrictions imposed by the government to prevent coronavirus infection.

The banking schedule will be from 10 am to 1.30 pm on other days of the week except holidays and Sundays. The bank will be open till 3 pm to complete post-transaction ancillary activities.

Sunbd/NJ

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