The function of the central bank's Bangladesh Automated Clearing House (BACH) for clearing cheques slowed down on Tuesday from the last minute rush at banks before Eid-ul-Fitr.
Customers faced various difficulties on the day amid the countrywide lockdown, as banks are not able to clear the pending cheque as smoothly as expected.
The function of the BACH slowed down owing to the huge clearing pressure ahead of Eid, said Bangladesh Bank executive director and spokesperson Md Serajul Islam.
He cited the overcapacity in clearing cheques to be the main reason behind the slowdown.
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In this case, the BB will permit the lenders for extending banking hour case to case basis, he added.
The function of the central bank's Bangladesh Automated Clearing House (BACH) for clearing cheques and settling transactions through electronic funds transfer (EFT) were suspended from April 13 due to a technical fault in the optical fibre cable between the data centre at the central bank’s Motijheel office and its data centre at Mirpur.
Although the interbank cheque clearing system was restored from April 18, EFT remained halted until April 20.
BACH, the first-ever electronic clearing house in the country, has two components — an automated cheque processing system (ACPS) and the EFT.
