ATMs in India appear to be humming with activity, what with the cumulative monthly transaction volumes recorded by the National Payments Corporation of India's (NPCI) National Financial Switch (NFS), to which 61,702 ATMs are linked, crossing the 10-crore mark for the first time in August 2010. The Switch recorded 7.32 crore ATM transactions in July 2010.
Between January 2010, when 53,906 ATMs of 37 banks were connected to the NFS, and August 2010, when 61,702 ATMs of 44 banks were linked to the Switch, monthly transaction volumes on the NFS shot up by 79 per cent to 10.18 crore (5.68 crore in January 2010).
The spurt in transaction volumes is on two counts. For one, bilateral transaction volumes between banks have migrated to the multilateral NFS platform. Two, due to the festival season, said Mr K.S.Nerurkar, Head — NFS and Business Development, NPCI.
A break-up of the NFS transactions since January 2010 shows that while about 72 per cent of the total transactions were related to cash withdrawal, the remaining was for balance enquiry.
The cash withdrawal pattern shows that, among others, 21 per cent of the total transactions are below Rs 499 in value; 17 per cent in the Rs 1,000-1,999 bracket; 16 per cent in the Rs 500-999 bracket; 12.5 per cent in the Rs 10,000 and above bracket; 11.5 per cent in the Rs 5,000- 7,999 bracket; and 10 per cent in the Rs 2,000-2,999 bracket.
The average cash withdrawal size at ATMs in August 2010 was Rs 2,957 as against Rs 2,991 and Rs 3,031 in the preceding months of July and June 2010, respectively.
In August 2010, about 0.13 per cent of the total NFS transactions were under dispute as against 0.1 per cent in the previous month.
NPCI, promoted by State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC, was established in December 2008. It is the umbrella organisation for all retail payment systems in the country owned and operated by banks.
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