PNB shares its ATMs with Nepali banks

New Delhi, Dec 23: Punjab National Bank (PNB) and Nepal-based Everest Bank Ltd today made a foray into cross-country ATM Sharing Arrangement for their cardholders on either side of the border.

Local Transaction Switching Vendors, Financial Software Solutions (P) Ltd -- a Chennai-based company in India and Smart Choice Technology, a Switch Vendor in Nepal, are providing the cross country ATM Sharing Solution.

An MoU was signed between PNB Chairman and Managing Director S C Gupta and Everest Bank Ltd Chairman B K Sreshtha, a bank statement said here.

PNB has a large 'online ATM network' of more than 870 ATMs spread through out India. These ATMs shall be available to cardholders of Nepalese Banks also. Similarly, card holders of PNB shall be able to use ATMs of participating banks in Nepal at reasonable charges.

At present, cross border transactions take place at ATMs of banks having arrangement with Master or Visa Network, which is a costly proposition for ATM/Debit cardholders.

Now, PNB has arranged to cut down the ATM Transaction Charges payable by its ATM/Debit cardholders to Rs 50 for cash withdrawals from their accounts from ATMs of participating banks in Nepal.

Presently, PNB Debit cardholders can use ATMs of banks abroad having arrangement with MasterCard and pay Rs 150 for each cash withdrawal.

This will be a new year bonanza to the business community and tourists while traveling across border, to either side. It will also benefit huge Nepali population including students, living across India, who want cheaper ATM facility for withdrawing money from their accounts in Nepal.

Banks in India, so far, were sharing their ATMs within the country to provide better facilities to their customers. More banks are expected to join the proposed cross-country ATM sharing arrangement.

UNI