Electronic fund transfer of Bangladesh Bank has started

Bangladesh Bank has started electronic fund transfer program through Nikash-BEFTN developed in its own capacity. Bangladesh Bank’s Executive Director and Spokesperson Majbaul Haque said that the program officially started on Sunday.

Till now the Central Bank was using Bangladesh Electronic Fund Transfer Network (BEFTN) of Bangladesh Automated Clearing House (BACH). Through this, all government payments including salaries and pensions of government officials are settled.

Majbaul Haque said, so far we used to manage BEFTN activities through a private firm. As government payments have increased, we have now developed our own system.

Earlier on Wednesday (November 8), Bangladesh Bank’s Payment Systems Department (PSD) announced in a notification that from November 12, electronic fund transfer activities will be done through Nikash-BEFTN software instead of EFT clearing and settlement system of Bangladesh Automated Clearing House (BACH). The Central Bank also informed that the transaction in local currency will be conducted in three sessions.

According to Bangladesh Bank, credit and debit transactions should be presented through separate files i.e. the same file should not include both types of transactions. In case of debit and credit transactions, the return process should be completed within two sessions after EFT settlement.