The Bangladesh Bank on Tuesday included non-bank financial organizations in its Bangladesh Real Time Gross Settlement system, which allows financial institutions to settle high-value transactions in real-time.
On the same day, the central bank issued a circular in this regard. Under the terms of the agreement, NBFIs would be limited to using RTGS to conduct their institutional transactions. Customers of NBFIs would not be eligible for the RTGS facility.
According to the BB circular, all banks and NBFIs were required to use the EDSMoney platform to conduct all interbank money market transactions. The NBFIs were integrated into the BD-RTGS system to make the process speedier and provide instant settlement after EDSMoney platform dealing, according to BB.
The central bank also requested that all NBFIs take the necessary procedures to begin RTGS transactions. The system was exclusively available to banks and their clients prior to the inclusion of NBFIs. NBFI officials viewed the BB ruling to be helpful in carrying out their activities. The BB launched the BD-RTGS system in October 2015 to help with the real-time settlement of high-value time-critical payments. The minimum RTGS transaction limit is Tk1 lakh, but there is no limit for government payments. In January-March 2022, there were 17,76,782 transactions with a total value of Tk 10,50,445 crore, compared to 15,08,939 transactions with a total value of Tk8,02,174 crore in October-December 2021.
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