New timing set for interbank cheque clearing during Ramadan

Bangladesh Bank has fixed new schedules for interbank cheque clearing for the upcoming Ramadan, the fasting month for Muslims.

The central bank’s Payment Systems Department issued a circular in this regard on Thursday.

‎According to the new schedule, during Ramadan, the activities of three cheque clearing services — Real Time Gross Settlement (RTGS), Bangladesh Automated Clearing House (BACH), and Bangladesh Electronic Funds Transfer Network (BEFTN) — will remain operational.

High-value cheques (more than Tk 5 lakh) through the BACH system will have to be sent for clearing by 11:30am and settled by 1:30pm. Regular cheques (less than Tk 5 lakh) have to be sent for clearing by 12:00pm and settled by 3:00pm.‎

Cheques through RTGS will take place from 9:30am to 2:30pm. However, payment of customs duty-related taxes, fees, charges, etc, and interbank transactions will be made from 2:30pm to 3:30pm.‎

BEFTN service will run at its usual time — from 3:30pm to 4:00pm.

The schedule of BACH and RTGS will be restored to their normal timings after Ramadan, the circular said.

Through these services, payments and automatic cheques are settled from one branch to another or to the customer of another bank.‎