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BANCS to replace Swadhan

By Our Staff Correspondent

CHENNAI DEC. 17. With Swadhan, India's first shared payment network service that allowed member banks to share automated teller machines (ATMs), to go into the pages of history, the Chennai-based India Switch Company has helped the creation of a new network consortium — BANCS (Banks ATM Network & Customer Services), set to go live next month. The member banks, unlike Swadhan, run by the Indian Banks' Association, will run BANCS.

Addressing a press conference here the Chairman and Managing Director of India Switch, Harish K. Murthi, said BANCS included 14 from Swadhan and six of CashTree network of five public sector banks — Bank of India, Union Bank of India and Indian Bank, United Bank of India and Syndicate Bank.

Mr. Murthi said the cost would be charged to the issuer bank. In other shared networks, the transaction cost was charged to the acquirer bank.

A customer would also have to pay Rs. 25 per transaction. He said the company was scouting for a strategic partner and was planning to offload up to 24 per cent of equity on a private placement basis.

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