A file photo shows a branch of Janata Bank in Dhaka. The four state-owned commercial banks are very likely to miss the deadline for implementing the core banking solution, a centralised online real-time system, at their all branches.
The four state-owned commercial banks are very likely to miss the deadline for implementing the core banking solution, a centralised online real-time system, at their all branches.
In 2013, Bangladesh Bank asked the four banks — Sonali, Janata, Agrani and Rupali — to set up the CBS networking system by December 2016 to boost their automation system.
‘The CBS is a process which is completed in a centralised environment under which the information relating to the customers’ accounts and all types of financial dealings are stored,’ a BB official told New Age on Thursday.
The information is stored in the central server of a bank and then becomes available to all the branches under the network.
This task is carried through advanced software by making use of the services provided by specialised agencies.
According to the latest BB data, Sonali Bank brought 674 out of its 1,208 branches under the CSB, Janata Bank 534 out of its 904 branches and Rupali Bank 374 out of its 558 branches as of June 30, 2016.
The BB data, however, showed that Agrani Bank brought 933 out of its 935 branches under the CBS.
The advancement in technology, especially internet and information technology has led to new ways of doing business in banking, the BB official said.
He said these technologies have cut down time, working simultaneously on different issues and increasing efficiency.
The platform where communication technology and information technology are merged to suit core needs of banking is known as core banking solution, the official said.
The computer software is developed to perform core operations of banking like recording of transactions, passbook maintenance, calculation of interest on loans and deposits, customer records, balance of payments and withdrawal on real-time basis.
The software is installed at different branches of a bank and then interconnected by means of communication lines like telephones, satellite and internet.
It allows the users (customers) to operate accounts from any branch if it has core banking solution installed.
The BB official said the country’s private and foreign commercial banks have already set the CBS at their hundred per cent branches.
The CBS will play a role in decreasing the corruption at the SCBs as the bankers will have to attach all types of financial information of the clients on real-time basis, he said.
Source: New Age
