Question
Download Solution PDFWhich one of the following links all the ATMs in India?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is the National Payments Corporation of India.
- National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India.
- It was designed, developed, and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking.
- It was taken over by NPCI from Institute for Development and Research in Banking Technology (IDRBT) on December 14, 2009.
- Now, it is run by the National Payments Corporation of India (NPCI).
- NPCI is an umbrella organization for all retail payments in India.
- It was set up with the guidance and support of the Reserve Bank of India (RBI) and the Indian Banks Association (IBA).
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