New
Delhi: Five banks (Punjab National Bank, Oriental
Bank of Commerce, Indian Bank, UTI Bank and Global Trust
Bank) have tied up for sharing their ATMs spread across
India. A memorandum of understanding for the tie-up has
been signed by the five banks.
The
network of the five banks has about 1,700 ATMs, which
will go up to 3,000 spread across 140 cities by the end
of this fiscal.
A
few other banks are expected to join the network shortly,
a PNB press release said. There are 3.5 million cardholders
of the five banks, which is to increase to 5 million by
March 2004.
The
Reserve Bank of India's arm, Institute for Development
and Research in Banking Technology, is providing the dedicated
network for the ATM network connectivity. The Chennai-based
Financial Software and Systems has been appointed as the
application service provider.
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