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Dhaka Tribune

BB signs deal to install RTGS system in Bangladesh

Update : 20 Nov 2014, 08:30 PM

Bangladesh Bank would soon introduce Real Time Gross Settlement (RTGS) system to make interbank transactions faster as well as risk-free.

It signed a contract with a Swedish company, CMA Small Systems AB, yesterday to install the system.

Bangladesh Bank (BB) Executive Director and RTGS Project Director Subhankar Saha and CMA Managing Director Alex Nazaroff signed the agreement on their respective sides at the central bank headquarters yesterday. Governor Atiur Rahman was present.

Asian Development Bank is providing the financial assistance for implementing the RTGS system in the country’s banking sector.

CMA has installed more than 20 RTGS system in 35 countries. The project is expected to accomplish within September 2015.

Through RTGS system, clients will be able to make inter-bank transactions by using ATM cards. RTGS will accommodate banks’ own transactions, customer transactions and transaction of other sub-systems.

“A total of 28 banks have so far joined the National Payment Switch (NPS) and we will bring Mobile Financial Service (MFS) providers into this NPS,” Atiur told the function. 

He said: “We have now 2 crore MFS accounts and Mobile Financial Services were introduced for accommodating the unbanked strata of the society.”

Through the introduction of RTGS, we are going to improve the high-value time critical payments in the country. RTGS will accommodate local currency transactions, government security transactions and domestic foreign currency transactions. 

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