Solution to EFT problem - transfer money to the bank in one day and transact in one minute

Solution to EFT problem - transfer money to the bank in one day and transact in one minute

Electronic Fond Transfer

Solution to EFT problem- From now on bank money can be transferred in one day and transactions can be done in one minute. Banks are able to clear checks as the IT problem of Bangladesh Bank has been solved.

At the same time transactions are going to be done through electronic means. Bangladesh Bank spokesperson Sirajul Islam said on Sunday, “Since April 13, there have been problems in banks clearing checks, RTGS and BEFTN.

Bangladesh Bank's IT had a little technical problem. This problem has been solved today. The IT department informed me that now the banks can use all the services. ”

Banks have been kept open to a limited extent since Thursday amid all-out restrictions to deal with the spread of coronavirus infection.
In the last few days, customers have been suffering due to the closure of check clearing and electronic money transfer services.

Especially those who used online fund transfer services more have not been able to do so since Tuesday.
Real Time Gross Settlement (RTGS) is a fund transfer system through which funds can be transferred instantly from one bank to another.

Through the Bangladesh Electronic Funds Transfer Network, customers of banks can transfer money electronically, ie online, from their own account to another account or to another bank's customer's account or card.

Ali Reza Iftekhar, president of the Association of Bankers Bangladesh (ABB) and managing director of Eastern Bank, said, “Check clearing and RTGS have been going on since Sunday morning.

Later Bangladesh Bank launched BEFTN. Everything is going well now. ” Banks have been unable to provide check clearing, RTGS and BEFTN services since April 13. Bangladesh Bank says these services were shut down because it was not possible to connect to the server due to fiber optic problems.

Money transfer to bank in one day:-

Bangladesh Bank's automatic clearance has been made more modern. Now money is being transferred to the interbank only day by day.
In other words, from now on, customers will get money on the day of depositing any bank check in any bank.

Bangladesh bank

The money was transferred the day after the check was deposited. Now, on the first day of this system, Tk 8,060 crore has been transferred on Thursday.

Bangladesh Bank said in a press release that the modern version of Bangladesh Automated Clearing House was successfully launched on Thursday with the aim of making the country's interbank transactions dynamic, risk-free and expanding its scope through check and electronic methods.

In the new version, electronic fund transfer will be disposed of twice a day. As a result, salary allowances paid through it, allowances paid under the government's social security net, dividend warrants, bills and other payments will be credited to the recipient on the same day.

"Which will accelerate the country's financial transactions and play a positive role in the country's economy."
According to the notification, 65,736 checks have been settled on the first day of the newly launched system.

Moreover, more than 60,000 EFT (Electronic Funds Transfer) transactions have been made. In all, Tk 8,060 crore has been transferred.

Interbank transactions in one minute:-

From now on, interbank transactions of any check amounting to one lakh or more will be completed in one minute.

This speed has come in the interbank transaction process as Bangladesh Bank has introduced a real time gross settlement (RTGS) settlement system.

Atiur Rahman, Governor of Bangladesh Bank, inaugurated the new version of the country's drainage system on Thursday morning.

Initially, about 5,000 branches of 55 banks of the country have been included in the system, so that besides foreign currency, five foreign currency transactions will also take place. Only Rajshahi Krishi Unnayan Bank is out of this system.

Earlier, under the Bangladesh Automated Clearing House (BACH-Batch), it took at least one day for interbank transactions of checks amounting to one lakh or more.

If one bank deposited the check of another bank in the morning at the clearing house, the money of that check would come as the depositing bank in the afternoon.

And if it was submitted in the afternoon, it would take till noon the next day. With the introduction of RTGS, the money will now be transferred directly from the paying bank account to the depositor bank as soon as the image copy of the depositor bank check is submitted.

Earlier, two types of check clearance system was introduced through batch;
Regular value check, amounting to less than Rs 5 lakh and
High value check, the amount of which is more than 5 lakh rupees.

According to Bangladesh Bank, regular value checks worth Tk 2,500 crore and high value checks worth Tk 2,600 crore are transacted daily through batches.

With the introduction of RTGS, from now on, a check of Rs one lakh will also be considered as a high value check.
The Asian Development Bank (ADB) has provided financial assistance to Bangladesh Bank to set up a modern transaction system.

In July 2013, ADB provided a grant of ৭ 17.36 million to Bangladesh Bank through an agreement.

The project was scheduled to be implemented by April 2018. In his inaugural address, the Governor said, “With the introduction of RTGS, the transaction system of Bangladesh has reached an international level.

This will make the transaction process faster and more transparent. ” Mentioning that this system will speed up the trade and commerce, he said that the traders will benefit the most from it. And the liquidity management of the banks will also get a new dimension.

Nazneen Sultana, Deputy Governor, Central Bank, Shubhankar Saha, Executive Director, K Shamsi Tabrez, Managing Director, Dutch-Bangla Bank;

Chief Executive Officers of various banks, senior officers of Clearing Department and senior officers of Bangladesh Bank were present on the occasion.

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editor	Md Nayeb Ali

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