EFT processor India Switch Company has been selected to implement and manage a shared ATM network for Bank of India, Indian Bank, Punjab National Bank, Syndicate Bank and United Bank of India.
The public sector banks have signed a memorandum of understanding to develop the shared network, which will link over 1000 ATMS.
In addition to ATM transactions, the network will be used to process debit and credit card POS transactions, with settlement provided by the Bank of India.
India Switch Company says the network will also enable develop services for utility bill payment and Web transactions.
The company says that other banks could join the network in the future.