BB extends interbank cheque settlement time

Staff Correspondent

24 May, 2021 12:00 AM printer

Bangladesh Bank (BB) has extended time for settlement of interbank cheques to ensure uninterrupted banking services amid the ongoing lockdown period.

 As per BB’s directive, transaction using Real Time Gross Settlement (RTGS) can be made from 10 am to 2:30 pm while Bangladesh Electronic Funds Transfer Network (BEFTN) will operate as per the previous schedule.

Md Badiuzzaman Didar, general manager (current charge), payment system department of BB on Sunday issued a directive in this regard and sent to the top executives of all the scheduled banks asking them to follow the new schedule during the limited banking hours.

  The BB directive says high value cheques of Tk5 lakh to upward and regular value cheques less than Tk 5 lakh will continue to clear through Bangladesh      

Automatic Clearing House (BACH).

Of this, cheques valued more than Tk 5 lakh have to be sent by 12pm instead of 11.30am for clearing.

These cheques will be settled by 1.30pm and any regular cheques have to be sent to the clearing house by 12.30pm instead of 12pm. These cheques will be settled by 3.0 pm.

 Until further instructions, BACH will clear cheques at this schedule on the days of restrictions, extended up to May 30 by the government.