BANCS Launched; Eight More Banks May Join Soon

Mumbai, Feb 26: | Updated: Feb 27 2004, 05:30am hrs
A new automated teller machine (ATM) network consortium BANCS (Banks ATM Network and Customer Services) with the state-run Bank of India (BOI) as the settlement bank was launched on Thursday.

The consortium currently has 12 member banks and as many as eight more banks will shortly join the network, India Switch Company (ISC) chairman and managing director Harish K Murthi told a press conference.

ISC is providing the network and technology support to the consortium.

BANCS would support ATMs of member banks Bank of Maharashtra, Bank of Bahrain & Kuwait, Greater Bombay Co-op Bank, Centurion Bank, Central Bank of India, UTI Bank, Punjab & Sind Bank, IDBI Bank, Ratnakar Bank, SBI Commercial & International Bank, Cosmos Bank, Air Corporation Employees Co-op Bank and Saraswat Co-op Bank, he said.

Banks will have to pay Rs 25 per transaction to the consortium and they may charge the same to the customers. Currently, the consortium will have 2,000 ATMs and with eight more banks joining the network, there will be 2,800 ATMs in the consortium.

BANCS has been processing close to 1,00,000 transactions per month since its pilot operations commenced in January 2004. The transactions in the network are expected to increase by 50 per cent in the next few months, Mr Murthi said.

ISC also announced its alliance with Visa International for its domestic processing service in the country.