Dhaka, Bangladesh (BBN)– The central bank of Bangladesh has issued Guidelines on Core Banking Solution (CBS) Features and Controls aiming to establish a uniform set of instructions that will be adopted as the minimum requirement.
“The guidelines shall come into force with immediate effect but its full compliance must be completed within 12 months,” the Bangladesh Bank (BB), the country’s central bank, said in a notification on Thursday.
The central bank said the CBS is playing a vital role in delivering technology-driven banking services.
“Now-a-days the role of CBS is not just a transaction processing engine, it is the key repository of information for further analysing CBS-related data and detecting risk therein,” it explained.
It also said a standard and flexible CBS is a significant contributor to bank’s ability for quick response to the diversity of business including compliances with changing environment.
But regulators or supervisors are facing challenges to collect necessary and intended information for variations in CBS used by the banks.
“In this context, it is necessary to formulate a uniform set of instructions that should be accommodated as minimum requirement but not limited to in any CBS,” it noted.