Five cooperative banks in India have joined India’s national ATM network, enabling their customers to access more than 67,000 ATMs in the country, their technology provider InfrasoftTech Pvt. Ltd announced in February.
Abhyudaya Cooperative Bank, Kalyan Janata Sahakari Bank, Punjab & Maharashtra Cooperative Bank, Thane Janata Shakari Bank and Dombivli Nagari Sahakari Bank were among the institutions that joined the National Payments Corp. of India’s network of ATMs.
The institutions deploy a very limited number of ATMs of their own, mostly at their branches.
InfrasoftTech is providing a core banking service at the five banks to enable them to link their ATMs to the network, facilitating transaction routing between the banks’ switches, the company noted in a press release.
Customers of India’s cooperative banks in India do not enjoy the same level of banking services as those of nationalized or private banks This includes access to ATMs, which cooperative banks find cost prohibitive. One of National Payments goals is to correct that imbalance.
The Institute for Development and Research in Banking Technology had initiated a program to launch a national finance switch to make ATM deployment more economical and viable for banks. In December 2009, National Payments took over the operations of the switch from the institute. As of Dec. 31, the corporation had 52 member banks that deploy more than 67,000 ATMs.
InfrasoftTech says it works with more than 100 cooperative banks nationally and says its goal is to connect them all to the national switch over the next five years.
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