Staff Correspondent:

Speakers at a workshop on Saturday said that the government has introduced the Account Verification System (AVS) through Bangladesh Bank to enhance transparency in public expenditure and effectively preventing 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.

The workshop organised by the iBAS++ scheme of Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS) under the Finance Division, held on Saturday morning at the Bangladesh Bank Training Academy in Mirpur, according to a press release.

It focused on integrating the iBAS++ system with Bangladesh Bank’s systems, piloting AVS, and formulating an implementation roadmap for the next phases.

Dr. Md. Habibur Rahman, Deputy Governor of Bangladesh Bank, attended the event as the chief guest, while Bilquis Jahan Rimi, Additional Secretary (Budget-1) and National Program 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.

Dr. Habibur Rahman said that the introduction of AVS will make government transactions more seamless and accurate.

He also said that the system will ensure that public funds reach the intended recipients, reducing customer inconvenience.

Besides, verifying government bank account details will enhance financial security and prevent irregularities, he added.

Bilquis Jahan Rimi said that the primary objectives of AVS implementation are to transition all government payments to a cashless system, ensure transparency and accountability in expenditure management, prevent fraud and financial waste, and reduce customer hardship.

She mentioned that AVS will verify bank account details of government institutions and save Tk. 500-600 crore annually by eliminating the need for check printing.

AVS was launched on a trial basis on January 26, 2025, 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.

It was also revealed at the workshop that the government plans to fully automate EFT return operations in the future.

Besides, a deadline will be set for opening new bank accounts at the end of each fiscal year to prevent irregularities and complexities.

Measures will also be taken to ensure real-time disbursement of funds to beneficiaries of social safety net programs via mobile banking.

The event was participated by 90 top officials from various government and private banks, who shared their opinions on the initiative.