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From Wikipedia, the free encyclopedia

The National Financial Switch (NFS) is an interbank network in India managed by Euronet India Pvt. Ltd.

It is conceived and run by IDRBT, an arm of the Indian central bank - Reserve Bank of India.

Clearing Corporation of India Limited is the settlement agency for this network.

The network has 25 member banks:

UCO Bank has joined NFS wef. 30.12.2008

See also

External links

In a major step towards ushering in convenience-banking for the citizens of the country, the Institute has set up the National Financial Switch (NFS). Dr. Y. V. Reddy, Shri. G. N. Bajpai, and Shri. C. S. Rao, dedicated this National Financial Switch to the Nation on August 27, 2004.

The NFS comprises a National Switch to facilitate inter-connectivity between the Banks' Switches, and Inter-Bank Payment Gateway for authentication & routing the payment details of various e-commerce transactions, e-government activities, etc. Presently, the banks that are already connected to the NFS include:

Sl. No.


No. of ATM's

1. Allahabad Bank 207

2. Andhra Bank 656

3. Axis Bank 2545

4. Bank of Baroda 1106

5. Bank of Maharashtra 345

6. Canara Bank 2008

7. City Union Bank 83

8. Corporation Bank 942

9. Dena Bank 318

10. Development Credit Bank 102

11. HDFC 1765

12. ICICI Bank 3502

13. IDBI Bank 755

14. Indian Bank 600

15. Indian Overseas Bank 455

16. IndusInd Bank Limited 338

17. Oriental Bank of Commerce 741

18. Punjab National Bank 1049

19. Tamilnad Mercantile Bank Ltd. 103

20. The Catholic Syrian Bank Ltd. 91

21. The Cosmos Cooperative Bank Ltd. 65

22. The Dhanalakshmi Bank Ltd. 67

23. The Jammu and Kashmir Bank Ltd. 178

24. The Karnataka Bank Ltd. 142

25. The Karur Vysya Bank Ltd. 244

26. The South Indian Bank Ltd. 228

27. Union Bank of India 1,110

28. United Bank of India 161

29. Vijaya Bank 268

30. YES Bank Ltd. 29

The NFS Network now connects 20, 203 ATMs, which is the largest number of ATMs under a single network in the country.

There is a default inter-change switching fee between the banks, if the banks do not have their own mutual agreements. The new Pricing Structure of the National Financial Switch is as follows:

A. Cash Withdrawal

  1. Interchange Fees: Rs. 18/- per transaction + Service Tax as applicable 

B. Balance Inquiry

  1. Interchange Fees: Rs. 8/- per transaction + Service Tax as applicable Settlement Charges: Rs.100/- per settlement per bank  

note :Thanks to an RBI directive, much to the relief of common man, banks have been prevented from charging any fee for cash withdrawals using ATM and debit cards issued by other banks from April 1 onwards.

However, banks can still charge extra for services like cash withdrawal with the use of credit cards and at ATMs located outside India.

The National Financial Switch allows connecting directly to the individual bank's switch or through their shared ATM Network Switches. It is a win-win situation for all the banks and more importantly, for the customers.

The Clearing Corporation of India Limited (CCIL) is the clearing and settlement agency for the switch, which also facilitates the NFS Disaster Recovery Site from its premises at Mumbai.

An NFS User Group has been set up to deliberate various issues related with the procedures, fee, etc., and a Steering Committee consisting of the banks' top management resolves various issues related to the National Financial Switch and policies from time to time.



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