myz-vgb.ru A Business Encyclopedia

National Financial Switch

Definition: The National Financial Switch is the largest interconnected network of automated teller machines (ATMs) in India. This system was developed by Institute of development and research in Banking Technology (IDRBT), Hyderabad.

The national financial switch enabled the interconnectivity between the bank’s switches such that the transactions made at any ATM could be routed to the connected banks. This was done with a view to connecting all the ATMs in the country and facilitate easy banking for the common man residing anywhere in the country.

IRDT is the pioneer of ATM switching service and to keep up with its further research and development activities; it handed over the national financial switch to the National Payments Corporation of India (NPCI). NPCI is the principal institute which looks, after all, retail payment systems in the country.

The NPCI has allowed any bank offering the core banking services round the clock with or without ATM can be a part of this national financial switch through a sponsor bank. The objective behind such a move is to enable the non-scheduled cooperative banks and other regional rural banks to access the wide network of ATMs in the country. Thereby, enabling the customers of such bank to access banking services through any ATM of a connected bank.

Leave a Reply

Your email address will not be published. Required fields are marked *

Shares

Related pages


indifference mapnpv at riskemployees provident fund 1952the concept of glass ceiling refers tofayol principle of managementwhistle blowing conceptansoff growth strategy matrixmeaning of consumer equilibriumdistribution of the sample proportionsurplus value theory of wagesdifference between strata and stratumscalar chain fayolsustitution methodmcgregor theory x & ymrs economics definitiondefinition arbitragedefine cross elasticitymoratorium period meaning in loanmeaning chitmeaning of liquidity in economicstotal utility and marginal utility tablenps new pension schemerationing economicssalient features meaning in hindithe autocratic leadernse bse arbitragecobb douglas isoquantdefine hedgingjargon meaning in hindimicro and macro marketing environmententrepreneurship definition in hindiadministered vmswhat is the meaning of oligopolyvogel method calculatortravelers chequediversified mutual fund definitionmeaning of scrutinize in hindiprocess theories of motivationivan pavlov theory summarywhatishumanresourcekisan vikas patra interestdefine geocentric approachlinear programing simplex methoddefinition provident7cs of communication examplesscaling techniques in marketing researchcompensation in hrm pptproduction function in microeconomicspert statisticsinventory turnover ratio definitionconsumer buying power definitiondefinition of flankhuman resource defrationing definition economicsscore card definitionmaslows need heirarchysalience defgantt definitionmis bonus in post officedemocratic leadership definition businesscarrot stick horsewhat is franchiserexamples of ethnocentrictypes of informal communicationmeaning of laissezhenri fayol managementatm switch definitionwhat is the difference between implicit and explicit costdefinition of a carrotmeaning of delegation in urduselloffsnew pension scheme npscarrot stick donkeywhat is the first step of capital budgeting