BB extends transaction hours for instant fund transfers

Business Report :

Bangladesh Bank has revised the transaction hours for the Real-Time Gross Settlement (BD-RTGS) system, aiming to expand access to instant electronic payments in response to growing demand.

The Payment Systems Department of Bangladesh Bank issued a circular on Sunday announcing the changes, which will take effect from October 5. Under the new schedule, RTGS services will remain available on all working days, except weekends and government holidays.
According to the revised timing, customer transactions will be conducted from 10 am to 5 pm, while foreign currency transactions will be available from 10 am to 4 pm.

Interbank fund transfers have been set from 10 am to 5:15 pm, with foreign currency interbank transfers available between 10 am to 4:30 pm. The circular also noted that from 4 pm to 5 pm, customer transactions can only be carried out through online platforms, including internet banking, mobile apps, and corporate solutions.

The central bank said the new schedule has been introduced to enhance customer service and ensure faster and more streamlined banking operations. All banks and financial institutions have been instructed to make necessary preparations to comply with the updated timings.
RTGS is a payment system that enables high-value transactions to be completed instantly, securely, and accurately. Both public and private sector entities rely on the service for their day-to-day critical financial transactions.

The RTGS network initially linked only commercial banks, but in May 2022 non-bank financial institutions were added.
By September that year, the system began supporting foreign exchange transactions. A total of 11,231 branches of banks and financial institutions are now connected.
Bangladesh Bank has also started work on a “Next Generation RTGS” project to enable uninterrupted, round-the-clock transactions.

The cost of installing RTGS software generally ranges from Tk 400,000 to Tk 600,000, depending on quality, with annual license renewals and service charges capped at about Tk 100,000.