United News of Bangladesh

Bangladesh Bank Governor Dr Ahsan H Mansur on Tuesday said Bangladesh has made a revolutionary transformation in its payment system and projected that its mobile financial service transactions will surpass Tk 25 lakh crore by 2025. Speaking at a programme titled 'Revolution of Payment System: Beginning of a New Era’, organised by the Payment System Department (PSD) of Bangladesh Bank at a city hotel on Tuesday, Dr Mansur emphasised the rapid growth of digital transactions. Bangladesh Bank eases loan rescheduling policy for raw jute exporters Currently, he said, mobile financial services facilitate transactions amounting to Tk 17.5 lakh crore annually. This figure is expected to exceed Tk 25 lakh crore this year, which is more than three times the size of the national budget. “This is a remarkable achievement for Bangladesh’s financial sector. The introduction of Real-Time Gross Settlement (RTGS) has been a milestone and a matter of pride,” he said. RTGS, introduced in 2015, enables the electronic settlement of funds in real-time, allowing instant transactions between bank accounts without any waiting period. Bangladesh Bank sets Ramadan transaction times for banks Dr. Mansur highlighted its growing importance, not only for institutional banking but also for personal transactions. “Our data shows that electronic transfers have surged from 60 million to 260 million, almost a fourfold increase. Interbank Funds Transfers (IBFT) have also grown significantly, from a negligible amount to 4 crore transactions in just five years. This marks a major leap in our digital financial landscape.” Discussing the significance of RTGS, he added, “This system has played a vital role in stimulating economic activity. The upgrades introduced today were essential given the increasing transaction volume. Looking ahead, further advancements will be necessary to keep pace with the rapid expansion.” Macro economy shows stability, says Bangladesh Bank Governor Presided over by Md. Sharafat Ullah Khan, Director of the Payment Systems Department of Bangladesh Bank, Deputy Governor Md. Zakir Hossain Chowdhury, Executive Director and Spokesperson Arif Hossain Khan, Matt Walsh, Account Manager of Montran Corporation (USA), and Additional Director of the Payment Systems Department Md. Khairul Anam, among others, also spoke at the event.