Speakers today (22 February) at a workshop said that the government has introduced the Account Verification System (AVS) by Bangladesh Bank to improve transparency in public costs and effectively act against fraud and financial waste.
The system aims to ensure the accuracy of customer accounts as part of its initiative to make government transactions cashless, senior officials from Bangladesh Bank and the Finance Division said. On Saturday morning, in Mirpur at the Bangladesh Bank Training Academy ,based on a press release, the workshop organised by the iBAS++ scheme of Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS) under the Finance Division. With Bangladesh Bank’s system, it focused on incorporating the iBAS++ system, piloting AVS, and also formulating an embodiment pathway for the next phases. As the chief guest, Dr. Md Habibur Rahman, deputy governor of Bangladesh Bank, was present at the event; meanwhile, Bilquis Jahan Rimi, additional secretary (budget-1) and National Program Director of SPFMS, presided over the session.
As special guests, there were present Md Zakir Hossain Chowdhury, deputy governor of Bangladesh Bank, and Md Hanif Mia, executive director of Bangladesh Bank Training Academy. The introduction of AVS will make government transactions smoother and more exact, said Habibur Rahman. He also said that the process will confirm that public funds reach the intended recipients, increasing customer disturbance. He added that verifying government bank account details will improve financial security and hinder irregularities.Bilquis Jahan Rimi said that the primary objectives of the AVS application are to transition all government payments to a cashless system, confirm transparency and responsibility in cost management, prevent fraud and financial waste, and increase customer hardship. She noted that AVS will verify all bank account details that are government institutions and save Tk500-600 crore yearly by removing the need for check printing.
According to January 26, 2025, AVS was initiated on a trial basis in four Chief Accounts and Finance Offices (CAFOs)—the Local Government Division, Health Services Division, Public Security Division, and the Ministry of Primary and Mass Education—and it will be implemented in all accounting offices across the country by June 2025. In this event, it also said that the government plans to fully automate EFT return operations in the future. To prevent irregularities and complexities, they will fix a deadline for opening new bank accounts at the end of each fiscal year. By mobile banking measures, measures will also be taken to ensure real-time disbursement of funds to beneficiaries of social safety net programs. 90 top officials from several government and private banks are present at this event and share their opinions.
Source: The Business Standard
