BB forms panel to probe IT debacle
The central bank yesterday formed a committee to examine its latest ICT infrastructure's debacle that had halted the inter-bank cheque transactions and electronic fund transfers (EFT) more than for a week.
The committee named "ICT Infrastructure Management Team" will have to submit a written report to the central bank higher-up by May 15, explaining some of the reasons for the debacle, according to a central bank document.
The body will also detect the prevailing condition of the central bank's IT system and present recommendation to avoid further incidents.
Some 18 officials will continue to work under the committee, which will also draft short- and long-term suggestions to fortify the ICT system.
The committee may also ensure the ICT security of the central bank aswell.
Monthly update of the ICT system should be submitted to the higher-ups of the central bank.
Interbank electronic cheque transaction and electronic fund transfer (EFT) activities through the Bangladesh Automated Clearing House (BACH) of the central bank were suspended on April 13 as a result of disconnection of an optical fibre cable between two data centres of the BB.
The central bank restored the bond between your centres - one at Motijheel and the other at Mirpur - on the evening of April 13, but the operation of the BACH have been inoperable.
The central bank restored the procedure of inter-bank cheque transaction on April 18. Nonetheless it took several week to activate the EFT.
The BACH, the first-ever electronic clearing house in Bangladesh, has two pieces -- an automated cheque processing system (ACPS) and the EFT.
The interbank transactions through both digital modes are the largest with regards to number and volumes.
For example, clients submit around one lakh interbank cheques, amounting to around Tk 12,000 crore, each day.
The ACPS runs on the cheque imaging and truncation technology for electronic presentment and payment of paper-based instruments.
Under the EFT system, around 1.5 lakh transactions are settled by clients each day, amounting to Tk 1,000 crore.
Established in February 2011, the Bangladesh Electronic Fund Transfer Network (BEFTN) was the country's first paperless electronic interbank funds transfer system.
It facilitates both credit and debit transactions as a lead over cheque clearing systems.
The network are designed for credit transfers such as for example payroll, foreign and domestic remittances, social security payments, company dividends, bill payments, corporate payments, government tax payments, and person-to-person payments.
