To ensure better distribution of pension and other allowances under the government's social safety net, the Bangladesh Bank on Sunday launched a software named "Government e-Transaction Processing Hub (GeTPH)".
According to the central bank officials, the new software will work as a system of electronic transactions for Government to Person (G2P).
Addressing the inauguration ceremony, Bangladesh Bank Governor Fazle Kabir said through automation the GeTPH software will play a vital role in strengthening the government expenditure management.
The central bank's IT team has developed the software as per the government direction, he stated.
After a couple of months' piloting, the software now started its official journey to make the G2P transactions -- like allowances for freedom fighters, widows, adults and persons with disability, pension, bills of various autonomous organisations, profit and capital of national savings certificates, student scholarships and stipends, etc -- smoother.
Terming the Bangladesh Bank as the payment gateway of the government, Abdur Rauf Talukder, Senior Secretary, Ministry of Finance, said earlier the distribution of government allowances to person took three-six months.
"With the new software of the Bangladesh Bank, the service will now be faster. This will also save time as well as minimise the government expenses," he adds.