BANKING AFFAIRS

Detailed explanation-1: -National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India. It was designed, developed and deployed with the aim of inter-connecting the ATMs in the country and facilitating convenience banking. It is run by the National Payments Corporation of India (NPCI).

Detailed explanation-2: -NFS has introduced sub-membership model which enables smaller, regional banks including RRBs and local co-operative banks to participate in the ATM network. NFS has maintained high standards of application and network uptime of above 99.50% which has helped our member banks to ensure enhanced customer experience.

Detailed explanation-3: -Reserve Bank of India Was this answer helpful?

Detailed explanation-4: -Inter-bank ATM networks are created by setting up apex level switches to communicate between the ATM switches of different banks. The inter-bank ATM networks facilitate the use of ATM cards of one bank at the ATM(s) of other banks for basic services like cash withdrawal and balance enquiry.

Detailed explanation-5: -Most ATMs are connected to interbank networks, enabling people to withdraw and deposit money from machines not belonging to the bank where they have their accounts or in the countries where their accounts are held (enabling cash withdrawals in local currency).