RBI promises interoperable banking soon
Posted on: 17/Apr/2015 9:53:13 AM
Reserve Bank is planning to connect all deposit machines with the National Financial Switch (NFS). This will make it interoperable which will allow all customers to make funds deposit through machines of any bank. All ATMs are a part of NFS. Now, a new proposal is given by the National Payments Corporation (NPCI) to link all these cash depositing machines with the NFS.
With this, any customer can have access to deposit money from any machine, said H.R. Khan, the deputy governor of RBI during an inaugural ceremony of Dena Bank�s self-service e-smart facility. This is a move to encourage alternate banking channels which will be of help in everyday transactions.
To a question triggered to him about the ATM interchange fee, he said discussions are on at the level of bank, and they are to take a call on it now. He also added that any new technology we bring must be of help, especially during the initial days following its launch. It is important to bring a balance between convenience and profit, he added. He also pointed that RBI is focusing on cyber security as there is increase in phishing activities all over.
All banks are alerted and necessary initiatives are taken from the end of IBA on the security front, he said. A public advisory was recently issued against an application which is making its rounds on WhatsApp stating it would facilitate knowing bank balance. Reserve bank has clearly stated that no such application is developed by the RBI.
The inaugural ceremony:
Dena bank was opened on 16th April and launched its 16th e-smart facility that lets customers to have access to banking at any time.
