Market Digest

Electronic fund transfers resume after 5 days

Staff Correspondent

19 April, 2021 12:00 AM printer

Electronic fund transfers and clearing of checks have resumed on Sunday as Bangladesh Bank (BB) fixed the technical glitches.

“There were some technical problems resolved on Sunday. IT Department [of the central bank] told me that the banks can now reopen their services,” said Bangladesh Bank spokesperson Sirajul Islam.

The banks had not been able to clear checks and deliver RTGS and BEFTN services since April 13 due to the collapse of the related electronic system.

Bangladesh Bank says these services were shut down because it was not possible to connect to the server due to the technical glitches.

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 (BEFTN), the customers can transfer money electronically from their own account to another account or to another bank's customer's account or card.

"Today, clearing of checks and RTGS have been resumed first, and then the BEFTN came to the service. Everything is going on well now,” said Ali Reza Iftekhar, the president of the Association of Bankers Bangladesh (ABB) and managing director of Eastern Bank Ltd.