Dhaka, Bangladesh (BBN)-Bangladesh Bank (BB) Governor Dr Atiur Rahman has said the central bank of Bangladesh is working to create a fully automated and affordable payment system to boost the pace of financial inclusion activities across the country.
“Bangladesh, the land of ample opportunities and hope, is on board to create a fully automated, easy to access, affordable payment systems for increasing the pace of financial inclusion activities,” BB Governor Dr Rahman said while addressing a seminar on Real Time Gross Settlement (RTGS) system Saturday.
The seminar was organised jointly by the central bank and the Asian Development Bank (ADB) at Radisson Blue Hotel in the capital Dhaka aiming to build public awareness on the RTGS system.
The central bank chief said the development of a safe and efficient national payment system has relevance for the monetary policy, financial stability and overall economic development of the country.
“We’ve given emphasis to establish a state of art payment systems as a part of its inclusive digitisation initiative for last several years,” Governor Dr Rahman noted.
He also said the BB’s inclusive digitisation initiative include development of a modern and efficient automated banking system, creation of institutional arrangements for payment services and payment infrastructures and thereby stimulating a coordinated effort among the banking sector, regulatory agencies and other relevant stakeholders.
The central bank even collaborated with the other central banks and international agencies to improve and standardise the payment systems of the country, the governor explained.
The BB has already introduced Bangladesh Automated Clearing House (BACH), National Payment Switch Bangladesh (NPSB) and Mobile Financial Services (MFS) to broaden the range of payment instruments and services.
“We’re also very keenly engaged for improving the interoperability and resiliency of banking, payment and securities infrastructures,” Dr Rahman noted.
Chief Economist of BB Biru Paksha Paul strongly believes that the efforts of RTGS will certainly change the payment landscape of Bangladesh.
“To secure your position in the competitive arena of the financial sector, you need to accept the RTGS channel as a blessing and design your own products to make the best use if this channel,” Dr. Paul said while speaking as keynote speaker at the seminar.
He also said: “It will secure your position, prestige, and profits as well as serve the economy to achieve a better position in the world.”
Bangladesh government has taken initiatives to prepare a level plying filed in banking industry by including right kind of technology changes in state-own commercial banks, Secretary of Banks and Financial Institutions Division of the Ministry of Finance Dr. Aslam Alam informed at the seminar.
“The government also encourages the process of developing a fully automated payment and settlement systems for the country,” the Secretary noted.
Among others Deputy Governor of BB Ms Nazneen Sultana, Country Director of ADB Mr Kazuhiko Higuchi, Executive Director of BB Mr Subhankar Saha and General Manager Mr KM Abdul Wadood spoke on the occasion.
Earlier on Thursday last, the BB formally launched the RTGS system aiming to facilitate business activities across the country.
Under the RTGS system, any member banks will be able to transfer minimum BDT 0.01 million (100,000) to another bank instantly.