India's National Financial Switch faces hard times

India's National Financial Switch faces hard times
Tags: Bank / Credit Union, EFT Networks, Transaction Processing
December 28, 2005

Business Standard: ICICI Bank, the only financial institution with a large ATM network operating on the National Financial Switch, has decided to withdraw its ATMs from the platform. State Bank of India, UTI Bank and HDFC Bank - which own India's other large ATM networks - also are not expected to make their ATMs available to other banks through the NFS platform. Shared ATM networks set up by groups of banks have expressed hesitation about joining NFS, too, as they view NFS's platform as a potential competitor.