Instant payments made by an individual to an account of a different bank will now be safer, more secure, fast, costless and hassle-free through the RTGS (Real-Time Gross Settlement) payment system.
This is the most customer-friendly and efficient means of interbank (account to account) fund transfer system at the moment. To get the service, customers need to fill up a short instruction form that looks like a cheque leaf. In RTGS, the payments are settled instantly as soon as they are executed.
To make the RTGS payment system more attractive and efficient, Bangladesh Bank should relax the lower limit of transaction, allow bulk transactions, allow foreign currency payments and fix a nominal fee in order to motivate the different banks.
Md. Anowar Hossain
IBD, Bangladesh Development
© 2017 - All Rights with The Financial Express