Deputy Governor of Bangladesh Bank (BB) Abul Kashem today said Bangladesh Automated Clearing House (BACH) will enhance money flow, trade and commerce for speedy development of Rangpur region. He was addressing the launching ceremony of BACH at Rangpur Branch Office of BB as the chief guest with its Acting General Manager Nur-Un-Nahar in the chair.
“Clients of the region can place their cheque of any commercial bank to local BACH for clearing through magnetic ink character recognition using computerized digital devices by its any other unit in the country for payment within 24 hours,” he said.
Executive Director of BB Das Gupta Asim Kumar attended the launching ceremony as the special guest. Officials of different commercial banks, journalists from both print and electronic media were present on the occasion.
The chief guest said all commercial banks of Rangpur region today became connected with the modern digitized BACH activities under the ongoing modernization programme of the inter- bank money payment system through the central bank.
“Under the programme, the BB launched Automated Cheque Clearing System from October 2010 and Bangladesh Electronic Funds Transfer Network activities from February this year,” he said.
He said Electronic Funds Transfer Network is a newer, faster, safer and cost effective in intra-bank money payment that accelerates money flow from one place to another in the country though the conventional method took up to 15-20 days in the past.
Talking to BSS, senior officials of different commercial banks in the city told launching of the BACH at Rangpur Branch of BB is an epoch-making event that will definitely enhance trade, commerce and accelerate developments of the region.

News: The Indipendent/ Bangladesh/ 25-Oct-2011