BB to develop networking app capable of running inter-bank operations during internet outage
The Bangladesh Bank is planning to develop a networking app capable of running inter-bank operations without the internet during any crisis.
Officials of the central bank made the announcement during a meeting with members of the Association of Bankers, an organisation managing directors (MDs) of various banks, on Thursday (1 August) about how to maintain banking services without relying on internet connectivity.
BB Governor Abdur Rouf Talukder presided over the meeting, which took place at the central bank headquarters. MDs of several 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.
Speaking on condition of anonymity, one bank MD, who was present at the meeting, told The Business Standard that the central bank is developing a network that will allow banking services to continue even without internet connectivity.
“Through this network, we will be able to connect our head office with the central bank,” the bank official said, adding, “We will also be able to connect with our branches across the country using this networking system.”
Meanwhile, the BB governor emphasised the need for the banking sector to remain professional and handle any situation, regardless of the political situation.
He also urged all banks to strengthen their IT security measures to prevent cyberattacks.
A central bank official told TBS that ATMs will remain operational even in the absence of the internet.
However, transactions through the National Payment Switch Bangladesh (NPSB) will not be possible. The central bank aims to facilitate transactions through this new network even without internet connectivity, the bank official added.
The meeting also addressed the recent unrest in the country which resulted in a decline in remittance inflows through banking channels.
The meeting underscored the importance of ensuring uninterrupted banking services, even during times of crisis. The new networking app is seen as a crucial step towards achieving this goal.
