Sarvatra enables the 1st UCB (Pandharpur UCB) in India to join NFS for ATM transactions

NFS (National Financial Switch) was conceptualized, developed and implemented by Institute of Development and Research in Banking Technology (IDRBT), Hyderabad with a view to inter-connect the ATM’s in the country. RBI has granted authorisation to NPCI to take over the operations of NFS from IDRBT on an as-is-where-is basis on October 15, 2009. NPCI has deputed its officials to IDRBT Hyderabad and NPCI has taken over NFS operating from December 14, 2009.

Any bank with CBS with 24×7 transaction Banking capabilities with ATM or no ATM can now join the NFS through Sponsor Bank. This would facilitate Scheduled and Non-scheduled Urban Co-op. Banks and Regional Rural Banks to have access to the national network of more than 1,20,000 ATM’s in the country. There are 137 Banks including Member and Non-Member banks. NPCI has mandate to create a domestic card scheme. The brand name finalised for the same is RuPay.

On May 1, 2011, The Pandharpur Urban Co-operative Bank, became a bank member of NFS Network, the first UCB in India to do so. Sarvatra Technologies was the ASP which enabled this bank to gain NFS membership.