BB fixes time for clearing cheques

The Bangladesh Bank has instructed all the commercial banks to operate the special banking hours from 11:00am to 1:30pm for clearing cheques among the inter-banking services during the extended lockdown.

The central bank on Wednesday issued a circular signed by its deputy general manager for Payment Systems Department Muhammad Badiuzzaman Dider.

The BB fixed high-value cheque (valued above Tk 500,000) clearing presentment cut off time at 11:00 and return cut off time at 12:00pm while the regular cheque clearing’s presentment cut off time at 11:30am and return cut off time at 1:30pm.

However, the real-time gross settlement (RTGS) transaction facilities would remain open from 10:00am to 1:00pm during the lockdown as per the pre-announced schedule and Bangladesh Electronic Funds Transfer Network (BEFTN)service would also run accordingly.

The concerned divisions and headquarters of the banks are asked to remain open to continue the uninterrupted banking service through Real Time Gross Settlement (RTGS), Automatic Cheque Clearing House and Bangladesh Electronic Funds Transfer Network (BEFTN), the circular said.

Bangladesh Automated Clearing House (BACH) would clear the cheques during government-issued restricted banking days through the Automated Cheque Processing System (ACPS) and the Electronic Funds Transfer (EFT) until issued further instruction from the Bangladesh Bank in this regard.