The bank’s immediate transactions will be under the management of the central bank

Bangladesh Bank has started electronic fund transfer program through Nikash-BEFTN developed in its own capacity. As a result, from now on the banks’ immediate money transactions will be under their own management.

This program officially started on Sunday (November 12). Bangladesh Bank Executive Director and Spokesperson Mo Majbaul Haque confirmed this information.

He said that earlier BEFTN activities were conducted through a private organization. From now on Bangladesh Bank’s own system of fund transfer has started.

Till now all government payments including salaries and pensions of government officials were settled using BEFTN in two sessions. Now the settlement will be completed in three daily sessions through Nikash-BEFTN developed in its own capacity.

Earlier, Bangladesh Bank’s Payment Systems Department (PSD) announced in a circular last Wednesday (November 8), that from Sunday (November 12), electronic fund transfer operations will be carried out through Nikash-BEFTN software instead of Bangladesh Automated Clearing House (BACH) EFT Clearing and Settlement System. will be done The Central Bank also informed that the transaction in local currency will be conducted in three sessions.

Session-1 will be conducted from 12:00 PM to 11:59:59 AM. Session-2 will be conducted from 12:00 PM to 2:59:59 PM. And Session-3 will be conducted from 3 pm to 11 pm 59 minutes 59 seconds.

Bangladesh Bank also said that 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.

In order to successfully complete the official process of Nikash-BEFTN last Friday (November 10) and Saturday (November 11) the concerned officials involved in EFT processing activities of scheduled banks were instructed to attend the office as required.

The circular also said that the last date for sending EFT outward returns of current batch (BACH) in BEFTN system is till 12 midnight on November 9. All participating scheduled banks are directed to send all their outstanding EFT outward returns to the existing BEFTN system during this period. And the time for sending EFT outwards in the current BEFTN system ended on November 9 at 2 pm.

SI/KA