Upgraded BACH clears Tk 8,000cr cheques, fund transfers on debut

Staff Correspondent | Published: 00:00, Oct 25,2019

 
 

The Bangladesh Bank on Thursday launched the upgraded version of Bangladesh Automated Clearing House that would facilitate clearing bank cheques and electronic fund transfer twice a day.

On the first day of its launch, the upgraded version of BACH cleared 64,736 cheques worth Tk 7,600 crore, said a BB press release issued on Thursday.

Besides, over 60,000 EFT transactions involving more than Tk 440 crore were executed through the upgraded clearing system.

The BB statement said that the upgraded clearing system was launched with a view to speeding up risk-free transaction within the country.

The system would facilitate salary payment, government’s payments for social safety programmes, dividend payment to shareholders and utility bill payments within a day to the receivers’ accounts, it said.

The facility would also impact positively on the country’s economy by expediting financial transactions.

A BB circular issued in this regard on Wednesday said that there would be two sessions each day. The first session would be from 12:01am to 2:00pm and the second session would be from 2:01pm to 11.59pm.

Banks have been asked to submit separate files for debit and credit transactions instead of submitting single file for both transactions.

The BB also informed that all other rules for electronic fund transfer as specified in the BEFTN operating rules would remain unchanged.

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