Standard Chartered becomes first overseas bank to join NFS-shared ATM network
Standard Chartered Bank, on Tuesday, became the first international bank to join the National Financial Switch (NFS)-shared ATM network.
The latest move will allow the bank's customers to access funds from virtually any city or town in the country, without any additional cost.
NFS is India's largest domestic network with over 30,000 ATMs across the country. The NFS was set up by the Institute of Development and Research in Banking Technology and promoted by the RBI.
It should be noted that NFS enables banks to offer these services to customers in areas where they do not have presence in a cost-efficient manner.
Earlier this week, Standard Chartered Bank revealed its plan to hire about 500 employees by this year in various roles. The lender said that, it has no intention to retrench or downsize its workforce to beat the impact of the slowdown.