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Euronet wins approval to operate India's first shared ATM network

23 May 2003  |  3384 views  |  0 Euronet wins approval to operate India's first shared ATM network

Euronet Worldwide has received approval from the Reserve Bank of India (RBI) to operate a national shared ATM switch with Industrial Development Bank of India (IDBI) as the settlement bank.

The network, which will operate under the bank-independent brand Cashnet, is expected to commence operations next month.

Cashnet will support ATMs for the existing founding member banks - Citbank, IDBI Bank, Standard Chartered Bank (SCB) and Unit Trust of India (UTI) Bank - providing access to more than 1300 cash machines for six million debit and credit cardholders across more than 100 cities in India.

Transactions across the network will be supported by online connections between each bank and the Euronet processing centre in Mumbai.

Daniel Henry, Euronet Worldwide president and COO, says: "All member banks have expressed their commitment to work with Euronet to expand the member base of the shared ATM network to include other banks in India."

India's public sector banks, including Bank of India, Indian Bank, Punjab National Bank, Syndicate Bank and United Bank of India, last month signed an memorandum of understanding with EFT processor India Switch Company to develop a shared ATM network linking over 1000 machines nationwide.

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