Notification by changing the schedule of check clearing during Ramadan

Banks and non-bank financial institutions will continue as per the new schedule during the coming Ramadan. Bangladesh Bank has announced a new schedule for inter -bank check settlement in the clearing house. On Wednesday, Bangladesh Bank issued a notification from the Payment Systems Department.

According to the notification, the program of the three platforms has been changed to the Real Time Gross Settlement (RTGS), Automated Clearing House-BACH or Batch (Bangladesh Automated House-BACH), set up at Bangladesh Bank, and Bangladesh Electronic Funds Transfer Network (BETN).

It states that through these services, the customer from one branch to another or to another bank disposes automated checks and automatic checks. High value check (more than Tk 1 lakh) and regular value check (less than Tk 1 lakh) are settled through BACH. During the month of Ramadan, high value checks should be sent by 5:30 pm. They will be settled by 5pm. And any regular value check should be sent to the Clearing House by 12:30 pm. These checks will be settled by 5pm.

The notification also states that the transaction of the RTGS will be from 9am to 5pm. However, customers will be able to make transactions from 8am to 2pm, customs duty e-payment from 5:30 pm and inter-bank fund transfer and return transactions can be paid from RTGS to 5pm.

In addition, the Bangladesh Electronic Funds Transfer Network (BeFTN) service will run in the previous rules. After the month of Ramadan, the BACH and RTGS transaction schedule will continue in the previous rules.