Real Time Gross Settlement System likely from October

Al-Arafah Islami Bank Ltd Sunday launched mobile banking named "Hellocash" aiming to position itself as a leading player in the market that is growing very fast thanks to the wide penetration of cell phones.
Nazneen Sultana, deputy governor of Bangladesh Bank (BB), launched Hellocash as the chief guest at a ceremony at a hotel in the city.
Presided over by the bank's chairman Badiur Rahman, the launching ceremony was addressed, among others by its vice chairman S.M. Shameem Iqbal and managing director Md. Habibur Rahman.
Since the journey of mobile banking in 2011, "We observed the market and prepared us technologically" to launch the service, Mr Badiur Rahman said.
"Within the next six months, we will employ about 9,000 agents across the country" to expand our network and take the mobile banking services to the doorsteps of unbaked people, said Mr Rahman.
According to data available, about 70 per cent of the people are using the mobile phones and the average daily transaction through mobile banking in February last was around Tk 3650 million.
"We hope to take the leadership position in the sector though rendering our innovative and simplified mobile banking services," Mr Shameem Iqbal said.
"We will be steady, cautious and strategic," the bank's vice chairman said and sought cooperation from the BB to make their initiative a success.
Mr Shameem Iqbal also sought intervention of the central bank to remove 'disparity in charges' of different telecom companies in rendering the bank-led mobile banking services to ensure level-playing field.
In her speech, Nazneen Sultana said that Al-Arafah Islami Bank is the 20th bank that launched the mobile banking. She appreciated the bank for launching the service and wished its success.
In October this year, another initiative such as Real Time Gross Settlement (RTGS) System is likely to be launched, she added.
Till now, a total of 28 banks received permission from the BB to launch the service, she said.
"The cell phones that are used by 70 per cent people can be the mean of transferring of all payments. It is the banks that will have to come with innovative ways on how to best utilize the opportunity," the BB deputy governor said.
Despite the political instability, the mobile banking enabled the people to send money to the villages, she said.
Actually, a revolution in the payment system took place in the last few years thanks to the leading initiative of the Bangladesh Bank to do so, she said citing some major measures of the central bank.
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