Citibank NA launches road show to popularise e-fund transfer

Citibank NA Bangladesh on Tuesday launched a ‘Nationwide Road show on Electronic Payment’ to encourage clients and scheduled banks to increase the usage of the electronic fund transfer network. Bangladesh Bank deputy governor Nazneen Sultana inaugurated the road show at a hotel in the capital where the central bank and Citibank NA senior officials attended.Nazneen said the scheduled banks should take initiative to popularise the Bangladesh Electronic Fund Transfer Network as the system was cost effective and highly secured.
The clients are yet to take full advantage from the BEFTN due to lack of awareness about the system, she said.
The electronic fund transfer network is an online inter-banking technique which facilitates different kinds of banking transaction including disbursement of salary and remittances, payment of utility bills, dividends and insurance premium.
The central bank introduced the system on February 28, 2011 and it (BEFTN) is now providing the clients with a paperless banking.
Nazneen hoped that the road show would play role in popularising the BEFTN across the country.
Bangladesh Bank general manager KM Abdul Wadood said the BB had faced challenges after introducing the BEFTN as the clients were not habituated to settle their transaction through the electronic system as they (clients) were highly habituated in cheque transaction.
Citibank NA Bangladesh head of treasury and trade solution Md Moinul Huq, while outlining the road show framework, said his bank had organised the road show to popularise the BEFTN among the banks and the clients.
Citibank NA Bangladesh country officer and managing director Rashed Maqsood, Citibank NA head of cash product management in Southeast Asian Region Noel Saminathan, among others, addressed the inaugural session.
As part of the road show, Citibank NA will organise five separate workshops this year in different parts of the country.

-With New Age input

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