Hyderabad, Dec 5 (UNI) The Institute for Development and Research in Banking Technology (IDRBT) today announced waiver of switching charges to encourage banks to join National Financial Switch (NFS), set up by the bank.
According to a release here, the IDRBT has decided to waive off the switching fee of Rs two with effect from December 3. It would promote use of ATMs as shared infrastructure of all banks, benefitting the customers.
The NFS, covering 1,891 ATMs of 27 banks, was an apex level switch which aims to integrate all the ATM switches of the banks in the country so as to provide the flexibility of making transactions across all connected ATMs.
The IDRBT was charging Rs two for providing the facility of switching (routing) the transactions of various member banks.