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Our Bureau

Hyderabad, Dec. 5 The Institute for Development and Research in Banking Technology (IDRBT) has waived the switching (routing) fee of National Financial Switch (NFS) for the usage of ATM network by the various member banks.

The NFS is an apex level switch with aims to integrate all the ATM switches of banks in the country so as to provide the flexibility of making transactions across all connected ATMs. It can also act as an aggregator of transactions for a bank.

``With a view to encouraging all banks to join the NFS network for widening the coverage of ATMs and thereby providing easier access to customers, IDRBT has decided to waive the switching fee of Rs 2 with effect from December 3,” said a release.

The NFS network now covers 16,891 ATMs.

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