Explore topic-wise fullforms in Interbank Network

This section includes 4 fullforms, each offering curated multiple-choice questions to sharpen your Interbank Network knowledge and support exam preparation. Choose a topic below to get started.

1.

BANCS meaning in Interbank Network ?

Answer» What is Banks ATM Network and Customer Services mean?

Banks ATM Network and Customer Services (BANCS) is an interbank network in India. It was launched on 25 February 2004, with 13 member banks. It is managed by an advisory board consisting of member banks. It is successor to the now-defunct Swadhan ATM network. After the cyber attack by Wannacry several ATM were shut down in Kerala in May 2017

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2.

IMPS meaning in Interbank Network ?

Answer» What is Immediate Payment Service mean?

Immediate Payment Service (IMPS) is an instant payment inter-bank electronic funds transfer system in India. IMPS offers an inter-bank electronic fund transfer service through mobile phones. The service is available 24x7 throughout the year including bank holidays. NEFT was also made available 24x7 from December 2019. RTGS was also made available 24x7 from 14th December 2020.

It is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later that year. IMPS was publicly launched on 22 November 2010. Currently, there are 53 commercial banks, 101 Rural/District/Urban and cooperative banks, and 24 PPIi signed up for the IMPS service.

Around 200 million IMPS transactions amounting to roughly US$20 billion of transaction amount happen every month in India. The sender requires to know the bank account number and the Indian Financial System Code of the beneficiary to transfer money.

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3.

MITR meaning in Interbank Network ?

Answer» What is MITR ATM Sharing Network mean?

MITR is a multilateral interbank network sharing arrangement of 6 member Banks in India for automated teller machines (ATMs). It came into existence on 8 October 2003 with five member banks.

The MITR network has six member banks:

Punjab National Bank (PNB)Oriental Bank of Commerce (OBC)Indian BankKarur Vysya BankIndusInd BankUCO Bank

PNB acts as Settlement Bank for MITR Network. ATM transaction switching technology has been provided by Chennai-based Financial Software Solutions (P) Ltd.

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4.

NFS meaning in Interbank Network ?

Answer» What is National Financial Switch mean?

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).

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