From now on, commercial banks will be able to conduct instant money transactions under their own management. Therefore, on Sunday (November 12), Bangladesh Bank has officially started the electronic fund transfer program through Nikash-BEFTN, which was developed in its own capacity.
In this regard, Bangladesh Bank Executive Director and Spokesperson Md. Majbaul Haque said that earlier BEFTN activities were conducted through a private organization. From now on Bangladesh Bank’s own system of fund transfer has started.
Till now all government payments including salaries and pensions of government officials were settled using BEFTN in two sessions. Now the settlement will be completed in three daily sessions through Nikash-BEFTN developed in its own capacity.
Earlier on Wednesday (November 8), Bangladesh Bank’s Payment Systems Department (PSD) announced in a circular that from Sunday (November 12), electronic fund transfer activities will be done through Nikash-BEFTN software instead of Bangladesh Automated Clearing House (BACH) EFT Clearing and Settlement System. The Central Bank also informed that the transaction in local currency will be conducted in three sessions.
Session-1 will be conducted from 12:00 PM to 11:59:59 AM. Session-2 will be conducted from 12:00 PM to 2:59:59 PM. And Session-3 will be conducted from 3 pm to 11 pm 59 minutes 59 seconds.
According to Bangladesh Bank disclosure, credit and debit transactions should be presented through separate files i.e. same file without including both types of transactions. In case of debit and credit transactions, the return process should be completed within two sessions after EFT settlement.
In order to successfully complete the official process of Nikash-BEFTN last Friday (November 10) and Saturday (November 11) the concerned officials involved in EFT processing activities of scheduled banks were instructed to attend the office as required.
The circular also said that the last date for sending EFT outward returns of current batch (BACH) in BEFTN system is till 12 midnight on November 9. All participating scheduled banks are directed to send all their outstanding EFT outward returns to the existing BEFTN system during this period. And the time for sending EFT outwards in the current BEFTN system ended on November 9 at 2 pm.