Himachal Pradesh State Co-operative Bank joins the NFS family.

Himachal Pradesh State Co-operative Bank is now part of the NFS family, with Yes Bank as the its Sponsor Bank.

 The Member banks with the National Financial Switch has grown to 105 members.

National Financial Switch (NFS) is the brainchild of Institute of Development and Research in Banking Technology (IDRBT), Hyderabad. The main aim of NFS is to inter-connect the ATMs in the country and facilitate convenience banking for the common man.

NFS was dedicated to the nation in 2004, by connecting the ATMs of three banks. Over the years, the network had grown to connect 49,880 ATMs of 37 banks, thereby emerging as the largest Network of shared ATMs in the country.

The Institute handed over the National Financial Switch to National Payments Corporation of India (NPCI ) in 14 December,2009.

NPCI continued to grow the NFS reach with innovative products being added to the portfolio.

One the most groundbreaking products was the Sub-Member facility which enabled small banks to avail the NFS facilities via a Sponsor Bank.

YES Bank has entered the NFS Sponsor Bank sphere by acting as a Sponsor Bank for

‘ Himachal Pradesh State Co-operative Bank’.

HPSCB with 190 + branches is the first State Co-operative Bank to introduce Core Banking Solution. CBS was introduced in October, 2011 and currently has 26 ATM‘s.

The ATM’s are spread across the tourist sports of Himachal Pradesh. Now, with HPSCB being part of the NFS network, the tourists would have an alternate mode to withdraw cash.

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