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PNB to share its ATMs
with Nepali Banks
New Delhi, December 23, 2006
Punjab National Bank has made foray into cross-country ATM
Sharing Arrangement with Banks in Nepal. An agreement was
executed between Punjab National Bank and Everest Bank Ltd.,
Nepal to share their ATMs Network for their Cardholders on
either side of the border. S C Gupta, Chairman & Managing
Director, PNB and B. K. Sreshtha, Chairman, Everest Bank Ltd.
signed the MOU.
PNB has a large 'Online ATM Network' of more than 870 ATMs
spread through out India. These ATMs shall be available to
Cardholders of Nepalese Banks also. Similarly, Card holders of
Punjab National Bank shall be able to use ATMs of
participating banks in Nepal at very reasonable charges.
At present, Cross Border Transactions take place at ATMs of
Banks having arrangement with Master or Visa Network, which is
a costly proposition for ATM/Debit Cardholders. Now, PNB has
arranged to cut down the ATM Transaction Charges payable by
its ATM/Debit Cardholders to INR 50/- for cash withdrawals
from their accounts from ATMs of Participating Banks in Nepal.
Presently, PNB Debit Cardholders can use ATMs of Banks abroad
having arrangement with MasterCard and pay INR 150/- for each
cash withdrawal.
This will be a new year bonanza to the business community and
tourists while traveling across border, to either side. It
will also benefit huge Nepali population including students,
living across India, who want cheaper ATM facility for
withdrawing money from their accounts in Nepal.
Banks in India are sharing their ATMs within India to provide
better facilities to their customers. This is the first Cross
Border ATM Sharing Arrangement.
Local Transaction Switching Vendors, M/s Financial Software
Solutions (P) Ltd. - A Chennai based company in India and M/s
Smart Choice Technology, a Switch Vendor in Nepal, are
providing the cross country ATM Sharing Solution.
More banks are expected to join the proposed Cross Country ATM
Sharing Arrangement.
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