Dhaka, Bangladesh (BBN)– The central bank of Bangladesh launched a Real Time Gross Settlement (RTGS) system Thursday morning aiming to facilitate business activities across the country.
Bangladesh Bank (BB) Governor Dr Atiur Rahman formally introduced the RTGS to facilitate overall business activities through strengthening the payment system further.
The minimum amount for an RTGS payment is BDT 100,000.
Earlier on Wednesday a Bangladesh Bank high official said India, Pakistan and Sri Lanka have already introduced the RTGS to provide speedy services for high value transactions by businessmen.
The RTGS, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting).
‘Real time’ means the processing of instructions at the time they are received rather than at some later time.’Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction by instruction basis).