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Andhra Pradesh
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Hyderabad
Inter-bank ATM transaction cheaper
Special Correspondent
HYDERABAD: Institute for Development and Research in Banking Technology (IDRBT) has decided to waive off the switching fee of Rs. 2 per transaction in ATMs across the country.
IDRBT, promoted by the Reserve Bank of India, brought into effect the waiver on December 3 (Monday last) with a view to encouraging all banks to join the national financial switch (NFS) and also to promote greater use of ATMs, said Director of the institute N. Krishna Mohan.
He said the decision would take technology to the common man. This measure would open up an opportunity for banks to reduce costs by routing inter-banking ATM transactions through NFS.
The NFS was providing interconnectivity of ATMs for customers to use ATM for cash withdrawal and other transactions like balance enquiry. The NFS network covers 16,891 ATMs of 27 banks with 75,000 daily transactions. The NFS is an apex switch aimed at integrating all the ATM switches of banks in the country.
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