BB sets new time for funds transfer, cheque clearing during Ramadan

Bangladesh Bank has announced a new schedule for inter-bank cheque settlement for clearing house transactions during Ramadan, reports UNB.

Banks and non-bank financial institutions will maintain new office time during the holy month of Ramadan

On Wednesday, the Payment Systems Department (PSD) of Bangladesh Bank issued a notification in this regard.

According to this, the operating schedule of the three transaction platforms established at Bangladesh Bank-Real Time Gross Settlement (RTGS), Automated Cheque Clearance House (BACH), and Bangladesh Electronic Funds Transfer Network (BEFTN)-has been changed.

Through these services, money is paid and automatic cheque settlement is done from one branch to another or a customer of another bank. High-value cheques (more than Tk 5 lakh) and regular-value cheques (less than Tk 5 lakh) are settled through BACH.

"High-value cheques should be sent by 11:30 am for clearing during the month of Ramadan. These will be settled by 1:30 pm. Any regular value cheques will have to be sent to the clearing house by 12:30 pm. These cheques will be settled by 3:00 pm," according to the notification.

RTGS transactions will be from 9:30 am to 3:45 pm. However, customers will have to make transactions from 9:30 am to 2:30 pm, customs duty e-payments until 3:30 pm and interbank fund transfer and return transactions can be paid through RTGS until 3:45 pm.

In addition, the instructions stated that the BEFTN service would continue as before. After the month of Ramadan, the transaction schedule of BACH and RTGS will continue as during regular time.