BB sets new timing for interbank cheque clearing

Staff Correspondent

22 April, 2021 12:00 AM printer

Bangladesh Bank has set new schedules for interbank check settlement to expedite the services during the current lockdown period.

As per the decision, the real time gross settlement (RTGS) will be operated from 10 am to 1 pm and Bangladesh automatic clearing house (BACH) will be from 10 am to 11 am on the working days.

The central bank’s payment system department on Wednesday issued a circular in this regard and sent it to the top executives of all the scheduled banks.

The high value checks of Tk 500,000 million and upward and the regular value checks of less than Tk 500,000 will continue to clear through BACH.

Of this, the check with value of more than Tk 500,000 has to be sent

by 11 am for clearing. Such checks will be settled by 12 noon. Any regular check has to be sent to the clearing house by 11:30 am and these checks will be settled by 1.30 pm.

Until further instructions, the BACH will clear checks following this schedules during the lockdown restrictions.

The central bank said the schedules have been announced for the lockdown period when the limited banking hours are maintained.Electronic Funds Transfer Network (BEFTN) will operate as per the previous schedules to ensure uninterrupted banking services, Bangladesh Bank said.