NEWS & ADVICE : CREDIT CARDS
Banks on NFS to pay 80p per ATM transaction
By Ankit Sharma
May 28, 2010
Print    Email    RSS   

Banks which are a part of the National Financial Switch (NFS) would now be paying a fee of 80 paise for every ATM transaction. NFS is the largest ATM network in the country.

Banks which are members of other networks in the country like MasterCard and Visa pay only 10-15 paise for each transaction.

The managing authority of NFS has been shifted from the Institute for Development and Research in Banking Technology (IDRBT) to the National Payments Corporation of India (NPCI) in January this year.

While IDRBT is a subsidiary of RBI, NPCI is owned by six commercial banks, including the largest lender of the country, State Bank of India.

"There is a wide disparity between what NFS charges and what other networks charge. The fee should not have been more than 25 paise per transaction," said a senior executive of a private sector bank.

NFS manages around 2.5 million transactions on an average per day and has 37 banks in its network and encompasses around 50,000ATMs.


 


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Utilise credit card reward points
Rupeetimes guide to different types of...
Make more out of your credit card with...
Be familiar with your Cash-Back Credit Card
Virtual Credit Card- Know all about it!!


Good Morning, i forgot my FCMB Account Number and...
Radhey@09646870399 @Escoℛts In#Chandigarh...
Radhey@09646870399 @Escoℛt In#Chandigarh...

NEWS THIS WEEK
91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive