Sarvatra enables the 1st UCB (Pandharpur UCB) in India to join NFS for ATM transactions
- May 1, 2011
- Posted by: sarvatratechnologies
- Category: EFT Switching Services
NFS (National Financial Switch) was conceptualized, developed and implemented by Institute of Development and Research in Banking Technology (IDRBT), Hyderabad with a view to inter-connect the ATM’s in the country. RBI has granted authorisation to NPCI to take over the operations of NFS from IDRBT on an as-is-where-is basis on October 15, 2009. NPCI has deputed its officials to IDRBT Hyderabad and NPCI has taken over NFS operating from December 14, 2009.
Any bank with CBS with 24×7 transaction Banking capabilities with ATM or no ATM can now join the NFS through Sponsor Bank. This would facilitate Scheduled and Non-scheduled Urban Co-op. Banks and Regional Rural Banks to have access to the national network of more than 1,20,000 ATM’s in the country. There are 137 Banks including Member and Non-Member banks. NPCI has mandate to create a domestic card scheme. The brand name finalised for the same is RuPay.
On May 1, 2011, The Pandharpur Urban Co-operative Bank, became a bank member of NFS Network, the first UCB in India to do so. Sarvatra Technologies was the ASP which enabled this bank to gain NFS membership.