Financial Daily from THE HINDU group of publications
Wednesday, Jan 08, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jan 08, 2003 |
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Money & Banking
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Public Sector Banks Five PSBs in ATM hook-up pact M. Ramesh
CHENNAI, Jan. 7 FIVE of the public sector banks are to sign a memorandum of understanding by the end of this month to pool their ATM infrastructure. This was decided at a meeting of representatives of the banks held here on Friday. The five banks that have come together have strengths in as many geographical regions — United Bank of India in the Eastern region, Punjab National Bank — North, Bank of India — West, Syndicate Bank — Central and Indian Bank — South. Once all the ATMs of all these five banks are connected up by means of a central switch, all the customers of these five banks will have access to over 2,000 ATMs across the country, Mr T. Valliappan, General Manager, Indian Bank, told Business Line. He said that the arrangement was somewhat similar to `swadhan', but would be more sophisticated in terms of technology. He said that the link-up would be completed by the end of this financial year.
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