Dhaka, Bangladesh (BBN) – The central bank of Bangladesh Bank has planned to introduce a Real Time Gross Settlement (RTGS) system by 2014 to facilitate business activities across the country, a top official told BBN in Dhaka on Sunday.
“We’ve been instructed to take preparations for implementing the RTGS as per our strategic goal,” the central banker said, adding that India, Pakistan and Sri Lanka have already introduced the RTGS to provide speedy services for facilitating businessmen’s high value transactions.
“The BB’s Payment Systems Department is working towards commissioning a National Payment Switch (NPS) to provide a common platform for inter-bank electronic payments, originating from different delivery channels, including ATMs, POS terminals, internet, and mobile applications,” said Bangladesh Bank (BB) Governor Atiur Rahman.
He was addressing the opening ceremony of the 12th SAARC Payments Council (SPC) meeting as the chief guest at a city hotel Sunday morning.
The BB governor also said: “Our next, medium-term goal will be to put in place the RTGS for real time settlements over the medium-term, as high value transactions increase in number and volume.”
SPC Chairman and Executive Director of the State Bank of Pakistan (SBP) Inayat Hussain and BB Executive Director Das Gupta Ashim Kumar also spoke on the occasion.
Some 18 high officials from the central banks of Bangladesh, India, Sri Lanka, Pakistan, Nepal, the Maldives and Bhutan took part in the daylong meeting.
Different banking issues, such as payment law and amendment to various rules and regulations relating to the overall payment system, were discussed in the meeting.
“We want to develop a smooth, safe and faster payment system among the SAARC (South Asian Association for Regional Cooperation) member countries through the SPC,” the BB executive director said while explaining the main objective of the meeting.
He also said the next SPC meeting will be held in Bhutan in 2013.
BBN/SSR/AD-18Nov12-9:01 pm (BST)
