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  #1  
September 22nd, 2017, 03:36 PM
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Idbi nfs

H I would like to have the information about Institute for Development and Research in Banking Technology (IDRBT) which operates National Financial Switch and the reduction in transaction charges?
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  #2  
September 23rd, 2017, 08:45 AM
Super Moderator
 
Join Date: Mar 2012
Re: Idbi nfs

The Institute for Development and Research in Banking Technology (IDRBT), which works the National Financial Switch (NFS), had lessened charges per exchange on utilization of outsider ATMs on the NFS stage.

IDBRT had mooted NFS about a year prior, with a mean to interconnect all the ATM arranges the nation over. The NFS arrange has 5,557 ATMs and more than 12,000 exchanges are carried regularly through it.

Exchange costs for those getting to ATMs of outsider banks will descend by 55%. The move takes after Institute for Development and Research in Banking Technology (IDRBT) choice to cut charges for getting to its National Financial Switch — which gives interconnectivity between ATM systems.

The NFS enables a bank to connect to its ATM system to systems of different banks. The NFS, which is a mutual ATM arrange, now has 16 banks and 5,000 ATMs. Around 12,000 exchanges are completed day by day.

At show, the exchange charges are Rs 20, out of which, Rs 18 goes to the bank and Rs 2 goes to the foundation. From October 1, 2005, it will be decreased to Rs 9; Rs 8 for the bank and Re 1 for IDRBT

The decrease in the charges will profit clients of 16 banks that are individuals from the National Financial Switch (NFS).

These includes the following banks:

Allahabad Bank, Andhra Bank, Bank of Baroda, Corporation Bank, ICICI Bank, IDBI Bank, J&K Bank, Karnataka Bank, Punjab National Bank, United Western Bank, Dhanalakshmi Bank, Tamilnad Mercantile Bank, South Indian Bank, Oriental Bank of Commerce, Karur Vysya Bank and Yes Bank.


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