According to the rules, all banks of the country have to maintain a current account in Bangladesh Bank Motijheel office. Bangladesh Bank settles all transactions from this account. CRR funds are also kept in this account.
Bangladesh Bank’s letter sent to these five banks said that various transactions, such as check clearing service (BACPS), online money transfer (BEFTN), service (NPSB) and instant money transfer from other banks through ATM and internet. (RTGS) has been discontinued. Motijheel office deposit account was made from the current account of the department. It said, a review of your current account position reveals that the current account position has been negative for a long period of time which is not in line with normal banking procedures.
The letter further said, it is advised that the negative position in the current account be adjusted within 20 working days of receipt of this letter. If funds are not arranged within the stipulated time, the banks will be suspended from the clearing system as per agreement with Bangladesh Bank Payment System Department to maintain sufficient funds in the specified account to carry out the transaction. The central bank has threatened to stop check clearing, ATM and online banking services of these five banks. Till Wednesday, these five banks had not adjusted the negative position of these accounts.