 | BB offers online fund transfer
01 March, 2011
Employees of different organisations and firms now can draw their salaries from their bank accounts under an electronic fund transfer (EFT) network of 40 banks that the central bank introduced yesterday.
Bangladesh Bank (BB) Governor Atiur Rahman formally inaugurated the paperless system at the central bank premises after the introduction of an automated cheque processing system last year.
The new system will enable any corporate customer to pay salaries to its employees through accounts in different banks.
The central bank governor said the step is a milestone in making the banking sector of Bangladesh more technology-dependent, automated and customer friendly.
In the first phase, credit transaction has been introduced, while the debit transaction will start later, BB officials said at the inaugural function.
Rahman said, with the introduction of Bangladesh Electronic Fund Transfer Network (BEFTN), the customers will be able to do various transactions including electronic process payment of salary, overseas and local remittance and utilities' bill payment and government tax payment through the 40 banks.
He also said the system will be quicker and cost-effective compared to paper-based clearing system.
The banks will be able to provide internet and mobile banking facilities if they want, the governor added.
BB Deputy Governor Ziaul Hasan Siddiqui said the system will also quicken remittance transfer.
Release link:http://www.thedailystar.net/newDesign/news-details.php?nid=175900
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