 |
This article does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (May 2007) |
 |
This article may require cleanup to meet Wikipedia's quality standards. Please improve this article if you can. (May 2007) |
The National Financial Switch (NFS) is an interbank network in India managed by Euronet India Pvt. Ltd.
It is conceived and run by IDRBT, an arm of the Indian central bank - Reserve Bank of India.
Clearing Corporation of India Limited is the settlement agency for this network.
The network has 25 member banks:
- Allahabad Bank
- Andhra Bank
- Bank of Baroda
- Canara Bank
- Catholic Syrian Bank
- City Union Bank
- Corporation Bank
- Cosmos Cooperative Bank
- Dena Bank
- Development Credit Bank
- Dhanalakshmi Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Jammu and Kashmir Bank
- Karnataka Bank
- Karur Vysya Bank
- Oriental Bank of Commerce
- Punjab National Bank
- South Indian Bank
- Standard Chartered Bank
- Tamil Nadu Mercantile Bank
- YES Bank
UCO Bank has joined NFS wef. 30.12.2008
See also
External links
In a major step towards ushering in convenience-banking for the citizens of the country, the Institute has set up the National Financial Switch (NFS). Dr. Y. V. Reddy, Shri. G. N. Bajpai, and Shri. C. S. Rao, dedicated this National Financial Switch to the Nation on August 27, 2004.
The NFS comprises a National Switch to facilitate inter-connectivity between the Banks' Switches, and Inter-Bank Payment Gateway for authentication & routing the payment details of various e-commerce transactions, e-government activities, etc. Presently, the banks that are already connected to the NFS include:
Sl. No.
Bank
No. of ATM's
1. Allahabad Bank 207
2. Andhra Bank 656
3. Axis Bank 2545
4. Bank of Baroda 1106
5. Bank of Maharashtra 345
6. Canara Bank 2008
7. City Union Bank 83
8. Corporation Bank 942
9. Dena Bank 318
10. Development Credit Bank 102
11. HDFC 1765
12. ICICI Bank 3502
13. IDBI Bank 755
14. Indian Bank 600
15. Indian Overseas Bank 455
16. IndusInd Bank Limited 338
17. Oriental Bank of Commerce 741
18. Punjab National Bank 1049
19. Tamilnad Mercantile Bank Ltd. 103
20. The Catholic Syrian Bank Ltd. 91
21. The Cosmos Cooperative Bank Ltd. 65
22. The Dhanalakshmi Bank Ltd. 67
23. The Jammu and Kashmir Bank Ltd. 178
24. The Karnataka Bank Ltd. 142
25. The Karur Vysya Bank Ltd. 244
26. The South Indian Bank Ltd. 228
27. Union Bank of India 1,110
28. United Bank of India 161
29. Vijaya Bank 268
30. YES Bank Ltd. 29
The NFS Network now connects 20, 203 ATMs, which is the largest number of ATMs under a single network in the country.
There is a default inter-change switching fee between the banks, if the banks do not have their own mutual agreements. The new Pricing Structure of the National Financial Switch is as follows:
A. Cash Withdrawal
1. Interchange Fees: Rs. 18/- per transaction + Service Tax as applicable
B. Balance Inquiry
1. Interchange Fees: Rs. 8/- per transaction + Service Tax as applicable Settlement Charges: Rs.100/- per settlement per bank
note :Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1 onwards.
However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India. http://www.expressindia.com/latest-news/Free-cash-withdrawals-from-all-ATMs-from-April-1/440415/
The National Financial Switch allows connecting directly to the individual bank's switch or through their shared ATM Network Switches. It is a win-win situation for all the banks and more importantly, for the customers.
The Clearing Corporation of India Limited (CCIL) is the clearing and settlement agency for the switch, which also facilitates the NFS Disaster Recovery Site from its premises at Mumbai.
An NFS User Group has been set up to deliberate various issues related with the procedures, fee, etc., and a Steering Committee consisting of the banks' top management resolves various issues related to the National Financial Switch and policies from time to time.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
