New schedule for settlement of interbank checks

Banks are open to a limited extent during the ongoing restrictions on coronavirus infection. Meanwhile, the central bank has announced a new schedule for the settlement of interbank checks to ensure uninterrupted banking services.

On Wednesday (April 21), the Payment Systems Department of Bangladesh Bank issued a directive in this regard.

It said the three platforms of Real Time Gross Settlement or RTGS, Automatic Check Settlement House (BACH or Batch) and Bangladesh Electronic Funds Transfer Network (BEFTNM) will be set up to maintain uninterrupted banking services during the restrictions. Through these services, payments are made from one branch to another or to the customer of another bank and automatic check settlement is done.

The central bank says it will continue to clear high value checks (over Rs 5 lakh) and regular value checks (less than Rs 5 lakh) through BACH. Of this, checks amounting to more than Tk 5 lakh have to be sent by 11 pm for clearing. These checks will be settled by 12 noon. And any regular check has to be sent to the clearing house by 11:30 pm. These checks will be settled by half past noon. 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 pm and Bangladesh Electronic Funds Transfer Network (BEFTN) service will continue as per the previous rules.

Sunbd/NJ