User: What is National Financial Switch or NFS?
Assistant: 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 is run by the National Payments Corporation of India (NPCI). As on 31st January’ 22, there were 1,203 members that includes 111 Direct, 1,045 Sub members, 43 RRBs and 4 WLAOs using NFS network connected to more than 2.55 Lac ATM (including cash deposit machines/recyclers).
The National Financial Switch was launched by the IDRBT on 27 August 2004, connecting the ATMs of three banks, Corporation Bank, Bank of Baroda and ICICI Bank.The IDRBT then worked towards bringing all major banks in India on board and by December 2009, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest network of shared ATMs in the country.