National Financial Switch brought a revolution in Indian Banking Sytem. It was developed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, It was aimed at promoting usage of ATMS (automated teller machines) and add to the convenience of the common people. It is the network which connects all the ATMS of shared members in India. It is maintained by the National Payments Corporation of India (NPCI).
Boon for ATM Banking
So, in layman language we can say that National Financial Switch helps us to use the ATM of any Bank, irrespective of which bank, one maintains his account. So a AXIS bank customer can easily withdraw cash or check his balance from HDFC Bank ATM and vice versa. The National Financial Switch is a revolutionary step in the banking technology sector.
Services at ATM due to National Financial Switch
- Cash Withdrawal
- Balance Enquiry
- Mini Statement
- PIN Change
Advantages:
- Inter Operable
- Paper Less
- Instant Fund Transfer
- 24/7 Availability
- Secure
- Better Fund Management
- Economical for member Banks.
- People are not affected if the Bank he maintains his account with faces connectivity issues.
- Customers can easily avail the services from any other ATM is one ATM is not functioning.
