Limited Interbank Clearing During Eid Holidays

The central bank of Bangladesh has introduced a revised schedule for interbank cheque settlement during the forthcoming Eid-ul-Fitr holidays, allowing limited banking operations on 18 and 19 March in selected industrial areas. The move is intended primarily to facilitate the timely payment of salaries, bonuses and allowances to workers in the country’s export-oriented garment sector, as well as to support the purchase of export bills.

In a circular issued on Thursday, the Payment Systems Department (PSD-2) of Bangladesh Bank confirmed that commercial bank branches operating in key industrial zones will remain open on a restricted basis on those two days. The decision covers branches located in Dhaka Metropolitan area and major garment-producing clusters such as Ashulia, Tongi, Gazipur, Savar, Bhaluka, Narayanganj and Chattogram.

According to the circular, banks will conduct limited operations with reduced staffing while ensuring adequate security arrangements. Offices will remain open from 10:00 a.m. to 2:00 p.m., with a brief break for the Zuhr prayer from 1:15 p.m. to 1:30 p.m. Customer transactions will be accepted from 10:00 a.m. until 1:00 p.m.

During these two days, the country’s core payment infrastructure — the Bangladesh Automated Clearing House and the Real Time Gross Settlement — will operate under adjusted timelines to support interbank settlements.

The central bank stated that the arrangement is designed to prevent disruptions in wage disbursements ahead of the Eid festivities. Bangladesh’s ready-made garment industry employs several million workers, and the timely payment of wages and bonuses before Eid is considered essential to maintain labour stability and consumer spending during the holiday season.

Revised Clearing Schedule

High-value cheques must therefore be submitted to the clearing house by 11:30 a.m., with settlement expected by 12:30 p.m. Regular-value cheques must reach the clearing house by 12:00 noon, and these will be settled by 1:00 p.m.

Meanwhile, the electronic funds transfer system Bangladesh Electronic Funds Transfer Network will continue operating with its usual three daily sessions without any change to the existing timetable.

For transactions conducted through RTGS, customer-initiated transfers will be processed from 10:00 a.m. to 12:45 p.m., while interbank fund transfers and returns will remain available from 10:00 a.m. until 1:00 p.m.

The directive has been formally communicated to the managing directors and chief executive officers of all scheduled banks operating in the country, including Bangladesh Samabaya Bank Limited. Financial institutions have been instructed to comply with the revised schedule and ensure that payment services remain functional for businesses and workers in the designated industrial areas.

Officials say the temporary adjustment balances two priorities: maintaining the Eid holiday period while ensuring that critical financial services remain accessible for industries that must complete wage and export-related transactions before the festive break.