Banking

100 banks bond with National Financial Switch network

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Making way for smooth flow of ATM based cash transaction, 100 banks have recently joined National Financial Switch (NFS) network, the largest interoperable ATM network in the country, as direct members.

NFS manages over 95 per cent of the domestic interbank ATM transactions.

National Payments Corporation of India (NPCI) informed about this update in a recent announcement.

While making the announcement recently NPCI said, “NFS network comprises of 745 members that include 100 direct members, 645 sub-members including regional rural banks (RRBs) and white label ATM operators (WLAOs).”

The network now has 2, 30, 000 ATMs.

Direct members are those banks that directly participate in clearing and settlement with NPCI. Direct member bank can also act as a sponsor bank.

Talking about NFS and its expansion NPCI MD and CEO A P Hota said, “NFS has emerged as one of the well-established ATM networks in the world. Its operational functions and services are at par with most of the global ATM networks. NFS has maintained high standards of application and network uptime, which has helped our member banks to ensure enhanced customer experiences.”

Besides, basic transactions like cash withdrawal and balance enquiry, other value added services (VAS) offered at ATMs are interoperable cash deposit, PIN change, mini statement, mobile banking registration, card-to-card fund transfer, cheque book request and statement request to its members.

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