Mobile Banking For Inclusive Growth - Punjab National Bank ...
Mobile Banking For Inclusive Growth - Punjab National Bank ... Mobile Banking For Inclusive Growth - Punjab National Bank ...
e-trackIntroduction : The list of banks connected to the NFS include :In a major step towards usheringin convenience-banking for thecitizens of the country, theIDRBT has set up the NationalFinancial Switch (NFS). Dr.Y.V.Reddy, Shri. G.N.Bajpai, and Shri C.S.Rao,dedicated the National Financial Switch to theNation on August 27, 2004. The National FinancialSwitch has been handed over by IDRBT to NPCI.The NFS comprises a National Switch tofacilitate inter-connectivity between the Banks'Switches and Inter-Bank Payment Gateway forauthentication & routing the payment details ofvarious e-commerce transactions, e-governmentactivities, etc.The Institute used to charge Rs. 2/- forproviding this facility of switching (routing) thetransactions of various member banks. With a viewto encouraging all banks to the join NFS networkfor widening the coverage of ATMs and therebyproviding easier access to customers as also topromote greater use of ATM as an importantpayment system infrastructure, the IDRBT waivedoff the switching fee of Rs. 2/- with effect fromDecember 3, 2007.The NFS is the largest network of sharedATMs in the country connected 28,773 ATMs of 31participating banks as on June 30, 2008 and 49,880ATMs of 37 participating banks as on December 31,2009 respectively.NATIONAL FINANCIAL SWITCH (NFS)Sl. No. Bank-Prof. (Dr.) Firdos T.ShroffNo. of ATM's1. Allahabad Bank 2112. Andhra Bank 7663. Axis Bank 37774. Bank of Baroda 12055. Bank of India 5046. Bank of Maharashtra 3457. Canara Bank 20138. Central Bank of India 4009. City Union Bank 15210. Corporation Bank 104611. Dena Bank 34612. Development Credit Bank 11313. HDFC Bank 365514. ICICI Bank 478915. IDBI Bank 113216. Indian Bank 83217. Indian Overseas Bank 58318. IndusInd Bank Limited 40719. Lakshmi Vilas Bank 15020. Oriental Bank of Commerce 89921. Punjab National Bank 280022. Standard Chartered Bank 23923. State Bank of India 1744124. Syndicate Bank 112125. Tamilnad Mercantile Bank Ltd. 13526. The Catholic Syrian Bank Ltd. 14627. The Cosmos Cooperative Bank Ltd. 8628. The Dhanalakshmi Bank Ltd. 7229. The Jammu and Kashmir Bank Ltd. 24830. The Karnataka Bank Ltd. 19431. The Karur Vysya Bank Ltd. 34132. The South Indian Bank Ltd. 28033. UCO Bank 42034. Union Bank of India 221535. United Bank of India 24636. Vijaya Bank 36737. YES Bank Ltd. 204January-March-201010
e-trackfrom April 1, 2008, customers would not pay anycharge for use of their own bank's ATMs. Use ofother banks' ATMs would also not attract any feeexcept when used for cash withdrawal for which themaximum charge levied should be brought down toRs.20 per withdrawal by March 31, 2008. All cashwithdrawals from all ATMs is offered free witheffect from April 1, 2009.The National Financial Switch (NFS),established by the IDRBT, acts as the apex levelswitch and facilitates connectivity among ATMswitches of all member banks.The RTGS system is in operation since March2004. Apart from settling inter-bank transactionsand time-critical transactions on behalf ofcustomers, it facilitates settlement of all retail paper-based and electronic clearings taking place inMumbai, and CCIL operated clearings includingthat related to the National Financial Switch (NFS)in multilateral net settlement batch mode.RTGS is open till 4.30 p.m. for customertransactions and up to 6.00 p.m. for inter-banktransactions on week days. On Saturdays, the RTGSfunctions till 12.30 p.m. for customer transactionsand till 2.00 p.m. for inter-bank transactions. Theintegration of the RTGS system with the ReserveBank's internal offices of the Reserve Bank as alsotransfer funds from one office to another. Thissystem has been functioning smoothly. The facilityis now available at all the 16 offices of the ReserveBank. At present, 71 member banks are using thefacility.Reference :www.idrbt.ac.inThere is a default inter-change switching feebetween the banks, if the banks do not have theirown mutual agreements.Pricing Structure of the National FinancialSwitch is as follows:A. Cash Withdrawal1. Interchange Fees: Rs. 18/- per transaction +Service Tax as applicableB. Balance InquiryInterchange Fees: Rs. 8/- per transaction +Service Tax as applicableSettlement Charges: Rs.100/- + Service Tax asapplicable per settlement per bankThe National Financial Switch allowsconnecting directly to the individual bank's switchor through their shared ATM Network Switches. It isa win-win situation for all the banks and moreimportantly, for the customers.The Clearing Corporation of India Limited(CCIL) is the clearing and settlement agency for theswitch, which also facilitates the NFS DisasterRecovery Site from its premises at Mumbai.An NFS User Group has been set up todeliberate various issues related with theprocedures, fee, etc., and a Steering Committeeconsisting of the banks' top management resolvesvarious issues related to the National FinancialSwitch and policies from time to time.NFS vis-à-vis Automated Teller Machines(ATMs):The number of ATMs is steadily increasingand the usage of ATMs has gone up substantiallyduring the last few years. ATMs are primarily usedfor cash withdrawal and balance enquiry. It wasobserved that the service charges levied for use ofATMs were not uniform and transparent.Accordingly, the Reserve Bank, in March 2008, setguidelines for service charges. As per the guidelines,Prof. (Dr.) Firdos T. Shroff is Director,Chetana's R. K. Institute of Management & Research& Fellow, Indian Institute of Banking& Finance, Mumbai.He can be contacted at : firdos_shroff@yahoo.com11January-March-2010
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e-trackfrom April 1, 2008, customers would not pay anycharge for use of their own bank's ATMs. Use ofother banks' ATMs would also not attract any feeexcept when used for cash withdrawal for which themaximum charge levied should be brought down toRs.20 per withdrawal by March 31, 2008. All cashwithdrawals from all ATMs is offered free witheffect from April 1, 2009.The <strong>National</strong> Financial Switch (NFS),established by the IDRBT, acts as the apex levelswitch and facilitates connectivity among ATMswitches of all member banks.The RTGS system is in operation since March2004. Apart from settling inter-bank transactionsand time-critical transactions on behalf ofcustomers, it facilitates settlement of all retail paper-based and electronic clearings taking place inMumbai, and CCIL operated clearings includingthat related to the <strong>National</strong> Financial Switch (NFS)in multilateral net settlement batch mode.RTGS is open till 4.30 p.m. for customertransactions and up to 6.00 p.m. for inter-banktransactions on week days. On Saturdays, the RTGSfunctions till 12.30 p.m. for customer transactionsand till 2.00 p.m. for inter-bank transactions. Theintegration of the RTGS system with the Reserve<strong>Bank</strong>'s internal offices of the Reserve <strong>Bank</strong> as alsotransfer funds from one office to another. Thissystem has been functioning smoothly. The facilityis now available at all the 16 offices of the Reserve<strong>Bank</strong>. At present, 71 member banks are using thefacility.Reference :www.idrbt.ac.inThere is a default inter-change switching feebetween the banks, if the banks do not have theirown mutual agreements.Pricing Structure of the <strong>National</strong> FinancialSwitch is as follows:A. Cash Withdrawal1. Interchange Fees: Rs. 18/- per transaction +Service Tax as applicableB. Balance InquiryInterchange Fees: Rs. 8/- per transaction +Service Tax as applicableSettlement Charges: Rs.100/- + Service Tax asapplicable per settlement per bankThe <strong>National</strong> Financial Switch allowsconnecting directly to the individual bank's switchor through their shared ATM Network Switches. It isa win-win situation for all the banks and moreimportantly, for the customers.The Clearing Corporation of India Limited(CCIL) is the clearing and settlement agency for theswitch, which also facilitates the NFS DisasterRecovery Site from its premises at Mumbai.An NFS User Group has been set up todeliberate various issues related with theprocedures, fee, etc., and a Steering Committeeconsisting of the banks' top management resolvesvarious issues related to the <strong>National</strong> FinancialSwitch and policies from time to time.NFS vis-à-vis Automated Teller Machines(ATMs):The number of ATMs is steadily increasingand the usage of ATMs has gone up substantiallyduring the last few years. ATMs are primarily usedfor cash withdrawal and balance enquiry. It wasobserved that the service charges levied for use ofATMs were not uniform and transparent.Accordingly, the Reserve <strong>Bank</strong>, in March 2008, setguidelines for service charges. As per the guidelines,Prof. (Dr.) Firdos T. Shroff is Director,Chetana's R. K. Institute of Management & Research& Fellow, Indian Institute of <strong><strong>Bank</strong>ing</strong>& Finance, Mumbai.He can be contacted at : firdos_shroff@yahoo.com11January-March-2010
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