Bangladesh Bank Governor Dr Atiur Rahman on Thursday afternoon said a modern payment system is a must for keeping up the economic momentum of the country.

“Modern payment system is the backbone of the financial structure of a country, which plays an important role in ongoing and future economic development,” Atiur said. “BB is working relentlessly to build up a modern payment system in the country.”

The Governor was addressing a meeting on the present activities of Electronic Funds Transfer Network (EFTN) at BB headquarters in the city.

The Governor informed the meeting that BB, with financial and technical support of DFID, has set up automated clearing house spending Tk 0.6 billion that helps clearing cheques automatically, and transferring electronic funds.

Daily clearance of 80,000 to 85,000 cheques is done successfully. But the EFT is not that satisfactory though the process is very easy, the Governor said.

“Only instructions are needed for EFT to receivers account in a very easy, faster, safe, and cost and time saving manner,” Atiur said.

Though the system is very popular in abroad, but its use is very limited here due to lack of proper knowledge as the average EFT transaction is only 100 to 200 per day leaving most of the capacity unutilised, Atiur repented.

BB issued a circular regarding EFT in favour of scheduled commercial banks and financial institutions on April 6 this year.

Up to April 26, IDLC provided cash dividends to its 6,000 share holders through City Bank Ltd using the newly introduced system, which saved huge money and time, BB officials said.

Awareness building at the depositors’ level is very important to make the system popular. Banks should come forward to arrange workshops, seminars and trainings to this end. And BB is always ready to provide necessary logistic support, the governor assured.

“The introduction and widespread use of EFT will boost economic activities. The role of local businessmen and Bankers is very important,” BB Governor said.

News: Daily Sun/ Bangladesh/ Apr-29-2011