[sbinews] Hello BANCS, Goodbye Swadhan
- From: rajendra.pai@xxxxxxxxx
- To: sbinews@xxxxxxxxxxxxx
- Date: Sat, 06 Dec 2003 06:27:38 +0600 (IST)
Hello BANCS, Goodbye Swadhan
ATMADIP RAY
MUMBAI, DEC 5: Come December 31, 2003 and the Indian Banks? Association?s
(IBA) Swadhan network will make an exit from the banks? ATM (automated teller
machine) loop. But a chunk of Swadhan member banks still feel the need to
continue sharing their ATM networks to provide customers a better deal. And
this need looms large even with four ATM loops existing.
So, ?BANCS? is all set to make an entry in January 2004. To start with,
customers of member banks can access around 2,500 ATM machines. Thus far, 15
banks which were members of Swadhan have evinced interest to join the new one.
While, the Reserve Bank of India (RBI) has already approved Bank of India (BoI)
as the settlement bank for the network, the nitty gritty of the plan is
currently being worked out. This is the first of its kind where cooperative
banks are also part of the project.
Though the set up of BANCS will almost be the same as Swadhan?s, IBA will have
no role to play in this. This will be run and managed by a committee, sources
close to the development said, adding that the India Switch Company will be the
service provider.
The 15 banks which have shown willingness to join the new network include Bank
of Bahrain & Kuwait, HSBC, Bharat Overseas Bank, Catholic Syrian Bank,
Centurion Bank, Development Credit Bank, IDBI Bank, UTI Bank, Bank of
Maharashtra, Corporation Bank, Air Corporation Employees? Cooperative Bank,
Greater Cooperative Bank, Ratnakar Cooperative Bank and BoI.
Under this network, the transaction cost will be Rs 25 (interchange fee: Rs 20
and transaction fee: Rs 5). Here, the cost will be charged to the issuer bank.
In other shared networks, the transaction cost is charged to the acquirer bank.
A customer will also have to shell out Rs 25 per transaction.
On the difference between IBA?s Swadhan network and this new venture, sources
said that this project would be driven by business interests of these banks ? a
move away from Swadhan, where banks share their networks without any business
proposition. Transaction costs will be lower and all the ATMs will be online
under this network.
In a changing banking environment wherein ?customer focus? is the buzzword,
every bank would like to offer better services to their respective customers.
At this point in time there are four ATM shared network already in place ?
Cashtree, CashNet, MITR and Cash Online.
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