HDFC Bank joins Euronets Cashnet shared ATM network in India

Thursday 19 May 2005 13:49 CET | News

Euronet Worldwide, Inc., a leading electronic payments provider, announced that HDFC Bank has joined its Cashnet shared ATM network in India.

Cashnet, operated by Euronet, is the largest nationwide multilateral shared ATM network in the country. HDFC Bank operates the fourth largest ATM network in India with 1,167 ATMs, serving approximately 3 million cardholders across the country. HDFC Bank is the tenth member bank to join the Cashnet shared ATM network in India, which was established in mid 2003 by Euronet. The addition of HDFC will enable the Cashnet network to soon provide access to over 5,000 ATMs across India, serving approximately 12.6 million debit and credit cardholders of the member banks. Customers from the member banks can use any ATM in the network any where in the country. Transactions are supported by online connections between each Bank and the Euronet processing center in Mumbai. In April 2003, Euronet received approval from the Reserve Bank of India (RBI) to operate a national shared ATM switch with Industrial Development Bank of India (IDBI) as the settlement bank. The network operates under the bank-independent brand Cashnet. It is Indias first nationwide-shared ATM network switch and initially supported ATMs from the existing founding member banks: Citibank, IDBI Bank, and UTI Bank. In just two years, Cashnet has grown with the addition of seven more banks: Corporation Bank, Development Credit Bank, Bank of Punjab, Centurion Bank, Dhanalakshmi Bank, Dena Bank and HDFC Bank, the most recent addition to the network. Euronet plans to have the HDFC Bank ATMs live on the Cashnet network by the end of May 2005, with the establishment of an online connection between the Bank and its operations center in Mumbai. Euronets operating center Mumbai also provides ATM outsourcing services for seven leading banks in India.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce