Banks to start extended service from today

Clients of a bank can place cheques from other banks to a branch for clearing from today, the central bank revised its previous decision yesterday.

An official of the Bangladesh Bank (BB) said, "Banks have been instructed to take required measures to settle the interbank cheque from March 30."

The Bangladesh Bank had earlier said that the Bangladesh Automated Clearing House (BACH), a platform that is used to clear interbank cheques, would be closed during the 10-day general holidays announced by the government.

In a statement, Bangladesh Bank said that underprivileged people will get their allowances under the social safety net programmes of the government due to the central bank's initiative to open BACH.

BB said, the initiative will also help businesses for buying and selling essential commodities, emergency medicines and provide other services, which will ultimately help supply of commodities from one place to another in the country.

BB has recently changed its decision to shut down the Bangladesh Electronic Fund Transfer Network (BEFTN) to facilitate salary transfer.
On Wednesday, Bangladesh Bank issued a circular saying that BEFTN will remain open on April 1 and 2.

On that day, BB issued another circular saying that banks can transfer funds in the shutdown time so that different institutions can send their employee's salary to their accounts.

On Tuesday, Bangladesh Bank informed banks that BEFTN service will not be available from March 29 to April 2.

But bankers opposed the central bank's decision claiming this will hamper fund transactions process. Realising the situation, Bangladesh Bank has back footed from their earlier decision.  

Like many other countries, Bangladesh has enforced a shutdown starting on March 26.

Banks have been asked to provide a limited number of services from 10am to 12noon during the shutdown.