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Information on NFS(National Financial Switch)
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Information on NFS(National Financial Switch)

NFS Network

Bank has joined hands with National Financial Switch (NFS) o­n 15th October 2010 for providing ATM access to our customers across India. The soft launch made 19/10/2010 has now become fully operational. NFS is an initiative by IDRBT (Institute for Development and Research in Banking Technology) under the aegis of RBI. National Payments Corporation of India (NPCI) in Dec 2009 has taken over NFS o­n authorization received from RBI under the Payment & Settlement Act, 2007. NPCI has been set up to built a central payment system infrastructure which would be used by all the banks/financial institutions/ intermediaries in India in a cost effective manner and would help the banks provide superior payment services to their customers. Vision and formation of NPCI is backed by Reserve Bank of India [RBI] and Indian Banking Association [IBA].

NFS is the network which facilitates routing of ATM transaction through inter connectivity between banks’ switches thereby enabling customers to utilize any ATM of a connected bank. Under this arrangement 75178 plus ATMs of 54 member banks are available to our customers using our Bank’s cards, both the ATM as well as the VISA debit card. List of the Banks is enclosed in Annexure A. Most of the Public Sector Banks, Private Sector Banks & Foreign banks are members of this network. Prominent among them are SBI, ICICI bank, HDFC bank, CITI bank etc.

Under this Membership, rules & regulations are being framed for enrolling all banks in the country as members so that when the nation-wide payment systems are launched, all would get included o­n a standardized platform.

Highlights of NFS network
  • National Financial Switch (NFS) – initiative by IDRBT under the aegis of Reserve Bank of India.
  • On authorisation received from RBI under the Payment & Settlement Act 2007, NPCI has taken over the NSF.
  • Shri. N.R.Narayan Murthy is the Chairman of NPCI Board.
  • Primary site is located at IDRBT, Hyderabad and Disaster Recovery site located at Data Centre, RBI, Belapur.
  • ATM sharing service is operational with 54 Member Banks. List of Banks given in Annexure.
  • Average daily volume 2.70 million
  • Largest Multilateral Shared ATM Network with ATM strength of 75,178 plus networks.
  • ATM (except Janahit cards) and VISA cards will be operated o­n this 75,178 plus ATMs.
  • 54 banks including major Public sector, Private sector and Foreign Banks are covered under the network of NFS.
  • Facility of using Saraswat Bank’s ATMs by other Bank customers is activated since June 2010 in our bank. Earlier o­nly 18 Banks under BANCS network namely Bank of India, IDBI, Cosmos and other co-operative bank customers were able to use our ATM. After joining NFS network, customers of 54 member bank’s can use their cards o­n Saraswat Bank ATMs.
  • POS & International transactions can not be effected on this network.
Annexure A
List of NFS Banks
Nationalised Bank
SR NO Bank Name
1 State Bank of India
2 Punjab National Bank
3 Union Bank of India
4 Canara Bank
5 Bank of Baroda
6 IDBI Bank
7 Syndicate Bank
8 Bank of India
9 Corporation Bank
10 Oriental Bank of Commerce
11 Indian Bank
12 Andhra Bank
13 Indian Overseas Bank
14 Central Bank of India
15 UCO Bank
16 Vijaya Bank
17 Dena Bank
18 Bank of Maharashtra
19 United Bank of India
20 Karnataka Bank
21 Allahabad Bank
Total

Bank Name
22 ICICI Bank
23 HDFC Bank
24 Axis Bank
25 Federal Bank
26 Kotak Mahindra Bank
27 IndusInd Bank
28 Citi Bank
29 Dhanalaxmi Bank
30 South Indian Bank
31 Karur Vysya Bank
32 Standard Chartered Bank
33 Jammu and Kashmir Bank
34 Yes Bank Ltd
35 Laxmi Vilas Bank
36 City Union Bank
37 Catholic Syrian Bank
38 Development Credit Bank
39 Punjab and Sind Bank
40 Barclays Bank
41 Bank of Bahrain and Kuwait
42 ING Vysya Bank
Total

Bank Name
43 The saraswat co-operative bank
44 Tamilnad Merchantile Bank
45 Cosmos Co-op Bank
46 Shamrao Vitthal Co-op Bank
47 Abhyudaya Co-op Bank
48 Thane Janata Sahakari Bank Ltd
49 Punjab and Maharashtra Co-op Bank
50 Dombivali Nagrik Sahakari Bank
51 Ratnakar Bank
52 Mahanagar Bank
53 Kalyan Janata Sahakari Bank
54 Janata Sahakari Bank
Total
GRAND TOTAL
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