Taking an important and strategic decision, the Central Bank of Bangladesh has again taken control of its core banking system. Bangladesh Bank has decided to end its 14-year-long dependence on Indian IT company Tata Consultancy Services (TCS). The existing foreign software will be completely discontinued from December 18 and the bank’s own indigenous system BCBICS (Bangladesh Bank Core Integrated Banking System) will be implemented in its place.
This decision is considered to be related to the country’s data security, cyber sovereignty and national interests.
Serious questions raised on data security and sovereignty
According to sources, foreign technicians had access to Bangladesh Bank’s servers, databases and even password-level configurations for the past several years. This not only raised questions about the security of sensitive financial data, but also deepened concerns about the national sovereignty of the country.
Cybersecurity experts say having a central bank’s core systems under foreign control poses a strategic risk, especially when it includes foreign exchange reserves, anti-money laundering information and data related to monetary policy.
Serious allegations against ‘Syndicate’
Bangladesh Bank insiders have alleged that an influential syndicate of senior bankers and some policy-makers had been pushing for the retention of foreign software for years. For this reason, the transition towards an indigenous system was postponed for more than a decade.
It is alleged that during this delay, huge and opaque expenses were incurred, which directly benefited a few selected people.
Payment of more than Taka 1,000 crore in 14 years
According to official data, between 2011 and 2024, Bangladesh Bank has
Service
Licensing
Consultancy
technical support
Paid more than Taka 1,000 crore in the name of. Critics say that this amount proved to be a huge financial burden for the country.
Young IT team prepared indigenous system
Now a young and trained ICT team of Bangladesh Bank has developed and tested the BCBICS system at its own level. According to officials, this system will not only reduce the cost of foreign technical assistance to a great extent, but
Like will also reduce the risks.
Opinion of cyber experts
Cyber security experts believe that this move restores the data sovereignty of Bangladesh Bank and
foreign exchange reserves
Anti Money Laundering System
sensitive policy information
Will further strengthen the security. However, experts are also raising the question that who benefited from foreign dependence for so many years – this should be investigated.