In a relief to the banking sector, interbank transactions through the Real Time Gross Settlement (RTGS) system in Bangladesh have resumed as of August 1, 2023. The halt in transactions occurred due to a technical glitch that troubled banks in settling payments with other financial institutions. The glitch had affected various financial activities, including bill payments and salary disbursements for numerous firms. As a result, instant fund transfers among banks were brought to a standstill, causing significant disruptions in the financial landscape.
The assistant spokesperson of the Bangladesh Bank confirmed that the technical issue was successfully resolved the previous night, allowing transactions to resume the following morning. Although the RTGS operation was postponed temporarily due to unavoidable circumstances, the banking sector managed to cope by utilizing alternative methods such as cheques and the Bangladesh Electronic Fund Transfer Network (BEFTN) system to transfer a portion of funds between banks during the downtime. Now that the RTGS system is back on track, it is expected to restore the swift and efficient flow of interbank transactions.
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