Bangladesh Bank restores electronic fund transfer system

​The Bangladesh Bank has fully restored the Bangladesh Electronic Fund Transfer Network and started facilitating the inter-bank electronic fund transfer service.

BB executive director and spokesperson Md Serajul Islam said that the service was restored completely on Tuesday.

On April 13, the inter-bank electronic fund transfer system and the Bangladesh Automated Cheque Processing Systems, inter-bank transaction system of the central bank, began experiencing trouble due to a fibre cut between its data centre at the BB Motijheel office and its data centre at Mirpur in the city.

As a result, the BACPS was kept suspended until it was restored on April 18. Besides, the BEFTN also remained out of service till Tuesday.

Between April 13 and April 20, bank customers faced various difficulties when the need for electronic fund transfer was at its peak due to the imposition of fresh Covid restrictions.

Following the restoration of the BB’s systems, the central bank on Wednesday issued a circular specifying the schedule of its clearing services.

Transactions through Real Time Gross Settlement (RTGS) would be cleared from 10:00am to 1:00pm.

Transactions through the Bangladesh Automated Cheque Processing Systems would also be executed, the BB said.

Cut-off time for presentment of high value cheques was set at 11:00am and the return cut-off time was set at 12:00pm.

Cut-off time for presentment of regular value cheques was set at 11:30am with the return cut-off time set at 1:30pm.

Source: ​newagebd