Question
Which of the following system enabling the citizens of
the country to utilize any ATM of a connected bank?Solution
- The National Financial Switch facilitates routing of ATM transactions through inter-connectivity between the Bank’s Switches, thereby enabling the citizens of the country to utilize any ATM of a connected bank.
- National Financial Switch is the largest network of shared automated teller machines in India. It was designed, developed and deployed by the Institute for Development and Research in Banking Technology in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking. It is owned by NPCI
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The Credit guarantees are on risk sharing basis, which implies that
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