As part of the government's initiative to transition towards a cashless system, Bangladesh Bank has introduced the Account Verification System (AVS) to verify customers' accounts for government transactions.

Senior officials from Bangladesh Bank and the Ministry of Finance shared this information during a workshop held on Saturday.

According to an official statement, the new system will enhance transparency and accountability in government expenditure while effectively preventing fraud and financial wastage. Participants in the workshop emphasized the significant role AVS will play in ensuring efficient financial management.

It was revealed in the workshop that AVS was launched on a pilot basis on January 26 in four Chief Accounts and Finance Offices (CAFOs), including the Local Government Division, Health Services Division, Public Security Division, and the Ministry of Primary and Mass Education. By June, AVS is expected to be implemented in all accounting offices nationwide.

The workshop, held at Bangladesh Bank Training Academy in Mirpur on Saturday morning, focused on integrating IBAS systems with Bangladesh Bank’s infrastructure and outlining the roadmap for AVS implementation in all phases following the pilot.

Organized by the Finance Division under the IBAS scheme and Strengthening Public Financial Management Program to Enable Service Delivery (SPFMS), the event featured Bangladesh Bank Deputy Governor Dr. Md. Habibur Rahman as the chief guest.

Presided over by Bilkis Jahan Rimi, Additional Secretary and Director of Budget-1 and National Programs, the workshop included special guests such as Bangladesh Bank Deputy Governor Md. Zakir Hossain Chowdhury and Executive Director of Bangladesh Bank Training Academy Md. Hanif Miah.

During her speech, Bilkis Jahan Rimi highlighted that the core objective of AVS is to transition all government payments to a cashless system, ensuring transparency and accountability in expenditure management. The system will also prevent fraud and financial mismanagement while reducing public inconvenience by ensuring accurate fund transfers to the intended recipients' bank accounts.

She further stated that AVS will verify the banking information of government institutions, eliminating the need for printed checks and potentially saving the government approximately 500-600 crore BDT in expenses related to check printing and processing.