RBI Plans To Connect All Cash Deposit Machines To National Financial Switch

16 April, Mumbai

In an effort to encourage alternate banking channels for day-to-day transactions, the Reserve Bank is planning to connect all cash deposit machines to the National Financial Switch – NFS. Speaking to reporters in Mumbai today, RBI Deputy Governor H R Khan said that this move will allow customers to deposit money into their accounts from any bank’s machine.

Khan said that ATMs are already part of the NFS and now there is a proposal from National Payments Corporation to link all cash depositing machines to the NFS.

When asked about the ATM interchange fee, Mr. Khan said it is being discussed at the banks’ level and the RBI has allowed them to take a decision.

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