Announcement of new check settlement schedule of banks

Banks are open to a limited extent during the ongoing restrictions announced by the government to prevent coronavirus infection in the country. Bangladesh Bank has announced a new schedule for the settlement of interbank checks to continue uninterrupted banking services.

The Central Bank’s Payment Systems Department (PSD) on Sunday (May 30th) issued a directive in this regard and sent it along with the managing directors and chief executives of all scheduled banks in the country.

High value checks (more than Rs 5 lakh) and regular value checks (less than Rs 5 lakh) will be cleared through BACH.

As per the instructions of the Central Bank, the activities of the three platforms of Real Time Gross Settlement or RTGS, Automatic Check Settlement House (BACH) and Bangladesh Electronic Funds Transfer Network (BEFTN) set up by the Central Bank will be limited. Through the services of these three platforms from one branch to another branch or from one bank to another bank pays customers and settles automatic checks.

Any regular check will be cleared by 12:30 pm and these checks will be settled by 3:30 pm. And for clearing checks amounting to more than five lakh rupees, it has to be sent by 12 noon, which will be settled by 2 pm. BACH will clear the check within this period until further instructions.

RTGS transactions will be from 10 a.m. to 3 p.m. However, the Bangladesh Electronic Funds Transfer Network (BEFTN) service will continue as before.

Sunbd/NJ