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Economy

Bangladesh RTGS server glitch forces shutdown of inter-bank transactions

ByStaff Correspondent

A problem in the Real Time Gross Settlement, or RTGS, server has forced the authorities in Bangladesh to stop all sorts of inter-bank transactions.

Customers could not submit cheques of other banks to their accounts on Monday because of the glitch.

Bangladesh Bank cancelled all inter-bank transaction orders on Monday and said it would take until Tuesday to fix the issue, said Sarwar Hossain, a spokesman for the central bank.

The banks were told to be ready to complete the inter-bank transactions manually in the first half of Tuesday.

The server of the central bank’s National Payment Switch of Bangladesh or NPSB was down for six hours over a technical problem in April, hampering ATM, internet banking and POS transactions.

Customers can make transactions within 30 minutes through the RTGS system. Import duties can also be paid through this system.

According to the central bank, around 8,000 branches of the commercial banks are connected to the RTGS server.

Latest data shows 827,825 transactions worth Tk 549.3 billion took place through the RTGS facility in June.

The system was also used for 57,399 transactions worth $1.87 billion last month.

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