Applying modern payment system in banks stressed

Bangladesh Bank (BB) Governor Dr Atiur Rahman has underscored the need for applying modern payment system in the country's banking sector for bringing dynamism in the sector. He described modern payment system as backbone of financial infrastructure and said it could play an important role in country's economic headway. The BB governor said this while speaking at a meeting on `Electronic Fund Transfer Network (EFTN)` at the bank's conference room in the city Thursday, reports BSS. The EFT is the electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions through computer-based systems. Dr Atiur said there is no alternative to creating awareness about the electronic fund transfer. Financial institutions should come forward in this connection. The financial institutions could organise seminars, symposiums and workshops on the electronic fund transfer, he stressed. He said Bangladesh Bank has been working continuously to establish a modern payment system in the country. As part of this, he said, the central bank has set up Bangladesh Automated Clearing House (BACH) at a cost of Tk 600 million with the financial support from Department for International Development (DFID).