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Five Islamic banks current accounts with Bangladesh Bank are negative, but transactions are ongoing. The central bank has warned that unless the banks meet liquidity requirements within 20 days, transactions will be halted, reported Prothom Alo.
According to Three prominent media reports Bangladesh Bank’s Motijheel office has recently given this letter titled ‘BACH Settlement Complications’. The letter said, ‘Various clearing payment systems (inter-bank transaction settlement) are completed through your current account maintained in the deposit account section of the Motijheel office. For example – Bangladesh Automated Check Processing System (BACPS), Bangladesh Electronic Fund Transfer Network (BEFTN), National Payment Switch Bangladesh (NPSB) and Real Time Gross Settlement (RTGS) system.
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However, after reviewing your accounts, it is seen that the current account status has been negative for a long time, which is not consistent with the normal banking process. The matter has been repeatedly brought to your notice but no significant action has been taken so far. In such a situation, it is advised to adjust the negative balance of your current account within 20 working days of receiving the letter.
It also said that if the coordination fails within the stipulated time, the amount of sufficient money will be withheld from all or any specific clearing platform as per the reservation agreement executed with the Payment System Department of Bangladesh Bank.
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