Dhaka, Bangladesh (BBN) – Real Time Gross Settlement (RTGS) system of Bangladesh has faced technical glitch for the last couple of days, bankers said.
The technical glitch has been occurred due to up-gradation works of the system by the central bank of Bangladesh.
Earlier on October 29, 2015, the central bank of Bangladesh formally launched the RTGS system aiming to facilitate business activities across the country.
Talking to the BBN, a senior executive of a leading private commercial bank (PCB) said payment instructions through RTGS are not executed properly mainly due to poor connectivity with the Bangladesh Bank (BB), the country’s central bank.
When contacted, a senior BB official said there was a technical glitch for up-gradation works. “The banks have been advised to use alternative channels so that payment is not hampered.”
The BB team is working to address the issue, which might take a few days to resolve, according to another BB official.
Under the RTGS system, any member-banks can transfer minimum Tk 0.01 million to another bank instantly.
RTGS can be defined as the continuous (real-time) settlement of fund 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 individually without netting with other transactions.