BB extends interbank cheque settlement time

Staff Correspondent

31 May, 2021 12:00 AM printer

Bangladesh Bank (BB) has further extended half an hour 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 3 pm instead of 2.30 pm while Bangladesh Electronic Funds Transfer Network (BEFTN) will operate as per the previous schedule.

BB payment system department General Manager Md Mezbaul Hoque on Sunday issued a directive in this regard.

The central bank asked top executives of all the scheduled banks to follow the new scheduled time from Monday during the lockdown period.

The BB directive also said that high value cheques of Tk 5 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 12 pm for clearing and these cheques will be cleared by 2 pm instead of 1.30 pm.

The regular cheques valued below Tk 5 lakh have to be sent to the clearing house by 12.30 pm and these cheques will be settled by 3.30 pm instead of 3 pm.

Until further instructions, BACH will clear cheques at this schedule on the days of restrictions, extended up to June 6 by the government.