The Real-Time Gross Settlement (RTGS) system of Bangladesh Bank was temporarily suspended today (Tuesday, November 10) due to a technical glitch. Authorities later fixed the malfunction and resumed transaction operations.

What Happened

A technical fault in the central bank's RTGS platform disrupted large-value fund transfers between banks across the country. Reports from Jugantor indicated that RTGS transactions were halted at 12:54 PM. Shortly afterward, at 1:16 PM, the same outlet reported that the glitch had been resolved and transactions were restored.

Understanding RTGS

RTGS is a settlement system operated by the central bank that enables the instant transfer of substantial sums between banks. It is typically used for large interbank transactions, including share market settlements and government treasury bill and bond transactions. A suspension of this system freezes interbank fund movements, potentially impacting commercial activity.

Current Status

The central bank confirmed that RTGS operations returned to normal after the technical issue was addressed. It was not immediately clear how many transactions were delayed or whether any financial losses were incurred. Sources indicated the disruption was brief and the system was restored without significant delay.

Impact and Next Steps

While such glitches are not unprecedented in the RTGS framework, the temporary halt caused some inconvenience in banking operations. The central bank's information technology division is investigating the root cause of the failure and is expected to take measures to prevent future occurrences.