BB will develop a web application that will enable interbank operations during internet outages

Bangladesh Bank plans to develop a web application that will enable interbank transactions without internet access during the crisis.

Central bank officials made the announcement during a meeting with members of the Bankers’ Association, an organization that brings together managing directors of various banks, on Thursday (August 1) on how to maintain banking services without the need for an internet connection.

BB Governor Abdur Rouf Talukder chaired the meeting held at the central bank headquarters. Managing directors of several banks, including Sonali Bank, Dutch-Bangla Bank, The City Bank, Eastern Bank, Mutual Trust Bank, BRAC Bank, Bank Asia, Prime Bank and Trust Bank, were present at the meeting.

A bank executive present at the meeting told The Business Standard, requesting anonymity, that the central bank is developing a network that will enable banking services to continue even without internet access.

“Through this network, we will be able to connect our headquarters with the central bank,” a bank official said, adding: “We will also be able to connect with our branches across the country using this network system.”

At the same time, the BB president stressed that the banking sector must remain professional and cope with every situation, regardless of the political situation.

He also appealed to all banks to strengthen IT security measures to prevent cyberattacks.

A central bank representative told TBS that ATMs will work even in the absence of the Internet.

However, transactions through National Payment Switch Bangladesh (NPSB) will not be possible. The central bank aims to facilitate transactions through this new network even without an internet connection, the bank official added.

The meeting also discussed the recent unrest in the country which resulted in a decline in the inflow of remittances through banking channels.

The meeting highlighted the importance of ensuring uninterrupted banking services, even in times of crisis. The new web application is seen as a key step towards achieving this goal.