Staff Reporter :
Transactions through Real Time Gross Settlement (RTGS) system have been increased by 17.95 percent in July as the people choose the online transaction amid the ongoing Covid-19 pandemic.
According to the Bangladesh Bank (BB) Data, the record transaction was made through the RTGS system during the time in the banking sector.
“In order to increase risk-free transaction, BB has taken the initiative and the RTGS system has now become more popular among the countrymen,” said Sirajul Islam, spokesperson of the BB.
Avoiding the risk of infection of the coronavirus, the customers are now doing more transactions in online instead of physical presence to the bank branch. As a result, RTGS has become the most popular medium for online business payments in interbank transactions.
RTGS is now the most popular platform for online transaction settlement due to its relatively low cost and instant payment opportunities. All the customers are able to use this method to transfer minimum one lakh and above amount of money from one bank to another in online by paying fee of Tk115 only.
The BB data showed that over Tk1.76 trillion transactions held through RTGS in July 2020 while the amount was Tk1.49 trillion just previous month in June. It means money transaction is increased by 17.95 percent in July.
In July 2019, Tk 1.26 trillion was made transaction through RTGS. In contrast of a year the transaction through RTGS is enlarged by 28.31 percent.
The central bank sources said most of criminal and terror transactions are made in cash. Considering this, the government is emphasizing the expansion of online transactions.
Online payment is more transparent, cost effective and hassle free. To increase the use of this service BB has now emphasized to
promotion of electronic payment system state related transaction. BB also suggested full automation of state owned banks as soon as possible.
Besides, the central bank is encouraged individuals and businesses using online payment system. In addition banks’ own online platform, interbank payments are being made through various electronic systems including RTGS, NPSB and BACH.
RTGS service was introduced in 2015 for the convenience of banks’ customer.
A customer of a bank will inform the cash section of the concerned bank in online about transaction of desire amount to another account. As soon as the cash section of the bank will send the payment order to the RTGS system of BB. The amount will be deposited in the respected bank account instantly.
Transactions through Real Time Gross Settlement (RTGS) system have been increased by 17.95 percent in July as the people choose the online transaction amid the ongoing Covid-19 pandemic.
According to the Bangladesh Bank (BB) Data, the record transaction was made through the RTGS system during the time in the banking sector.
“In order to increase risk-free transaction, BB has taken the initiative and the RTGS system has now become more popular among the countrymen,” said Sirajul Islam, spokesperson of the BB.
Avoiding the risk of infection of the coronavirus, the customers are now doing more transactions in online instead of physical presence to the bank branch. As a result, RTGS has become the most popular medium for online business payments in interbank transactions.
RTGS is now the most popular platform for online transaction settlement due to its relatively low cost and instant payment opportunities. All the customers are able to use this method to transfer minimum one lakh and above amount of money from one bank to another in online by paying fee of Tk115 only.
The BB data showed that over Tk1.76 trillion transactions held through RTGS in July 2020 while the amount was Tk1.49 trillion just previous month in June. It means money transaction is increased by 17.95 percent in July.
In July 2019, Tk 1.26 trillion was made transaction through RTGS. In contrast of a year the transaction through RTGS is enlarged by 28.31 percent.
The central bank sources said most of criminal and terror transactions are made in cash. Considering this, the government is emphasizing the expansion of online transactions.
Online payment is more transparent, cost effective and hassle free. To increase the use of this service BB has now emphasized to
promotion of electronic payment system state related transaction. BB also suggested full automation of state owned banks as soon as possible.
Besides, the central bank is encouraged individuals and businesses using online payment system. In addition banks’ own online platform, interbank payments are being made through various electronic systems including RTGS, NPSB and BACH.
RTGS service was introduced in 2015 for the convenience of banks’ customer.
A customer of a bank will inform the cash section of the concerned bank in online about transaction of desire amount to another account. As soon as the cash section of the bank will send the payment order to the RTGS system of BB. The amount will be deposited in the respected bank account instantly.
