New timings for interbank cheque clearing
Financial institutions will be open for business as usual from 10am to 6pm on the 15th, 18th and 19th July, and operate on a limited scale from 25 July to 5 August
The Bangladesh Bank has changed the daily timings for the interbank cheque clearing process following the government's decision to ease Covid-19 restrictions for a week during the Eid-al-Adha holidays.
In a notification to scheduled banks on Wednesday, the central bank set 12pm and 3pm as the presentment and return cut off time respectively for clearing high value cheques (Tk5 lakh and above) on 15, 18 and 19 July.
For lower value cheques (below Tk5 lakh), the regulator set 12:30pm and 5pm as the presentment and return cut off time respectively for the three days mentioned above.
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Transactions using the Bangladesh Bank's Real Time Gross Settlement (RTGS) system will continue from 10am to 4pm. However, the payment of customs duties, fees, charges and interbank transactions can be done until 5pm.
A weekly holiday falls on the 16th of July. For the 17th and 20th of July, the central bank set 11:30pm and 1pm as the presentment and return cut off time respectively for all high value cheques.
On those two days, the regulator set 12pm and 2:30pm as the presentment and return cut off time respectively for cheques below Tk5 Lakh.
During this period, transactions using the RTGS system can be carried out from 10am to 2pm, while payment of customs duties, fees, charges and interbank transactions can continue until 3pm.
After the Eid-al-Adha holidays, the presentment cut off time and return cut off time for all high value cheques will be 11:30pm and 1pm respectively, from 25 July onwards. The presentment and return cut off time for cheques less than Tk5 Lakhs, will be 12pm and 2:30pm respectively.
The timing for RTGS transactions will be 10am to 1.30pm, while the payment of customs duties, fees, charges and interbank transactions can be carried out until 2.30pm.
The notification points out that the new schedule will remain in effect until further notice and the Bangladesh Electronic Funds Transfer Network (BEFTN) service will remain unchanged.
The regulator had reduced the presentment and return cut off time windows previously when banks were required to handle transactions on a limited scale, amid the stricter countrywide lockdown imposed from 1 July.
In another circular the same day, the Bangladesh Bank said financial institutions will conduct business as usual from 10am to 6pm on the 15th, 18th and 19th of July. From 25 July to 5 August (excluding weekly holidays), they will operate on a limited scale from 10am to 2pm.
The regulator also confirmed on Tuesday that bank branches will remain open for garment factories in Dhaka, Ashulia, Tongi, Gazipur, Savar, Bhaluka, Narayanganj and Chattogram from 10am to 2pm every day, between July 17 and July 20.
