100 banks join NFS network as direct members

National Payments Corporation of India (NPCI) today said 100 banks have joined the National Financial Switch (NFS) network as direct members.
NFS is the largest interoperable ATM network in the country and it manages more than 95 per cent of the domestic interbank ATM transactions.
"As of today, NFS network comprise of 745 members which include 100 direct members, 645 sub-members including regional rural banks (RRBs) and white label ATM operators (WLAOs)," NPCI said in a statement here today.
The network now has 2,30,000 ATMs.
Direct members are those banks that directly participate in clearing and settlement with NPCI. Direct member bank can also act as a sponsor bank.

"NFS has emerged as one of the well-established ATM networks in the world. Its operational functions and services are at par with most of the global ATM networks. NFS has maintained high standards of application and network uptime, which has helped our member banks to ensure enhanced customer experiences," NPCI MD and CEO A P Hota said.
Besides, basic transactions like cash withdrawal and balance enquiry, other value added services (VAS) offered at ATMs are interoperable cash deposit, PIN change, mini statement, mobile banking registration, card-to-card fund transfer, cheque book request and statement request to its members.