Five Urban Cooperative Banks have gone global with its members are now able to access 67,000 ATMs.
These banks are Abhyudaya Cooperative Bank, Kalyan Janata Sahakari Bank, Punjab & Maharashtra Cooperative Bank, Thane Janata Shakari Bank and Dombivli Nagari Sahakari Bank.
These banks are customer of Infrasoft Tech’s Core Banking and now are able to access over 67,000 ATMs available on National Payments Corporation of India (NPCI) network.
To open up the market for small and medium co-operative banks other than nationalized and private banks, Institute for Development and Research in Banking Technology (IDRBT) initiated a programme to launch National Finance Switch (NFS) with an objective to make ATM deployment more economical and viable for banks.
In December 2009, National Payments Corporation of India (NPCI) took over the operations of NFS from IDRBT. NPCI connects directly to the individual bank’s switch or through their shared ATM Network Switch. As of December 2010, NPCI covers 52 member banks with over 67,000 ATMs.
The Solution integrates the bank’s ATM switch with NPCI, facilitating routing of ATM transactions through inter-connectivity between the banks’ switches.
The NCPI network follows international standards and has complex protocols for accurate financial transaction handling. The customers are empowered to access the entire ATM network with the convenience of banking ‘any time any where’ across India. The bank’s customer can withdraw cash, check a/c balance and change PIN number.
We are currently working with all our co-operative bank customers which is numbering to about 100 banks nationally in bringing them on the NPCI network. Mr. Hanuman Tripathi, Group Managing Director, InfrasoftTech, commented that ‘This is a huge contribution that technology has made to empower co-operative banks take on their big brothers.’