Recently my friend's dad asked me: what is NFS in banking? I informed her that NFS, or you can say the National Financial Switch, is a central payment and settlement infrastructure that facilitates interbank ATM transactions and electronic payments in India. In simple terms, if I say, in India, it is the biggest network of shared ATMs. Read on to learn more about the NFS.
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What is National Financial Switch?
It is the backbone of India's ATM network. It enables customers to access funds across various banks using ATMs that are part of the NFS network. The NFS allows ATM transactions and electronic fund transfers to take place seamlessly across different banks. The NFS enables features such as.
A customer of one bank can withdraw cash, check their balance, or perform other ATM transactions at ATMs of any other bank in India.
I learned the NFS facilitates cardless transactions with mobile banking. It allows customers to transfer money or perform other banking services using their mobile numbers.
Using a variety of techniques, including RTGS (Real-Time Gross Settlement), NEFT (National Electronic Funds Transfer), and IMPS (Immediate Payment Service), NFS enables interbank fund transactions.
The NFS network, which facilitates millions of transactions per day, currently connects over 200 banks in India.
This is all about the national financial switch meaning.
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What is NFS in Banking?
ritik
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5 months
2024-11-26T18:37:23+00:00 2024-11-26T18:37:24+00:00Comment
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