In a significant development, the Institute for Development and Research in Banking Technology (IDRBT) has decided to waive the ?national financial switch? (NFS) charges to enable the usage of automated teller machine (ATM) across the country. Currently, IDRBT is charging Rs 2 per transaction for providing the facility of switching (routing) to the member banks, the release said. This would enable the member bank to reduce the ATM transaction fee by the same amount.
The NFS network now covers 16,891 ATMs, the largest single network in India. The daily average transaction volume is around 75,000, the release added. At the apex level, IDRBT integrates all the ATM switches of the member banks to provide flexibility of transactions across all connected ATMs.
