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Financial switch dedicated to the nation

By Our Special Correspondent

HYDERABAD, AUG. 27. The National Financial Switch (NFS) set up by the Hyderabad based Institute for Development and Research in Banking Technology (IDRBT) was dedicated to the nation here on Friday by the Reserve Bank of India Governor, Y. Venugopal Reddy, the Securities and Exchange Board of India (SEBI) Chairman, G. N. Bajpai, and the Insurance Regulatory and Development Authority (IRDA) Chairman, C. S. Rao.

The NFS comprises a national switch to facilitate connectivity between the bank's switches and their ATMs, and inter-bank payment gateway for authentication and routing the payment details of various e-commerce transactions, and e-government activities.

V. P. Gulati, Director of IDRBT, said ICICI Bank, Corporation Bank and Bank of Baroda were already connected and another 15-18 banks would be connected in a fortnight.

Mr. C. S. Rao said bancassurance had been one of the most significant developments in the retail financial services.

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