Nationwide account verification by June
Staff Reporter :
The Bangladesh Bank (BB) and the Finance Division have announced that the government will roll out the Account Verification System (AVS) nationwide by June to ensure the accuracy of customer accounts as part of its initiative to transition government transactions to a cashless system.
The AVS aims to enhance transparency and accountability in public expenditure while effectively preventing fraud and financial waste.
The announcement was made during a workshop on Saturday at the Bangladesh Bank Training Academy in Mirpur, Dhaka.
The event focused on integrating the iBAS++ system with Bangladesh Bank’s platforms, piloting AVS, and outlining the next phases of implementation.
It was organised by the iBAS++ scheme under the Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS) within the Finance Division.
Dr Md Habibur Rahman, Deputy Governor of Bangladesh Bank, attended as the chief guest, while Bilquis Jahan Rimi, Additional Secretary (Budget-1) and National Programme Director of SPFMS, presided over the session.
Special guests included Md Zakir Hossain Chowdhury, Deputy Governor of Bangladesh Bank, and Md Hanif Mia, Executive Director of Bangladesh Bank Training Academy.
During the event, Dr Md Habibur Rahman stated that AVS would ensure public funds reach their intended recipients and enhance financial security by verifying government bank account details.
Bilquis Jahan Rimi emphasised that the primary objectives of AVS implementation are to transition all government payments to a cashless system, improve transparency and accountability in expenditure management, prevent fraud and financial waste, and reduce customer hardship.
She highlighted that AVS will verify the bank account details of government institutions and save Tk 500-600 crore annually by eliminating the need for cheque printing.