Interbank cheques settlement time extended

Staff Correspondent

7 May, 2021 12:00 AM printer

Bangladesh Bank has extended the time for settlement of interbank cheques to ensure uninterrupted banking services ahead of Eid-ul-Fitr amid the ongoing lockdown.

As per the new directive, the real time gross settlement (RTGS) and Bangladesh automatic clearing house (BACH) will be operated from 10 am to 2.0 pm and 10 am to 11.30 am respectively on the working days.

Considering the current situation, the central bank has made the changes to make the settling of regular payments convenient for the customers.

Md. Meshbaul Hoque, general manager of payment system department of Bangladesh Bank, on Thursday issued the directive.  The schedules will be followed during the current limited banking operation hours

Bangladesh Electronic Funds Transfer Network (BEFTN) will operate as per the previous schedules to ensure uninterrupted banking services, the central bank said.

According to the BB directive, the high value cheques of Tk 5 lakh and more and the regular value cheques of less than Tk 5 lakh will continue to be cleared through the BACH.

The cheques with a value more than Tk 5 lakh have to be sent by 11.30 am for clearing. These cheques will be settled by 12 pm and any regular cheques have to be sent to the clearing house by 12 am. These cheques will be settled by 2.30 pm. Until further instructions, the BACH will clear cheques as per the current schedules during the days of lockdown restrictions.