Allahabad Bank joins the National Financial Switch Network

Allahabad Bank has joined the National Financial Switch - NFS Network. The link-up was formally inaugurated by Shri O.N. Singh, Chairman & Managing Director of the Bank on Friday, 22nd July, 2005 at Chennai. NFS is owned and operated by the Institute for Development and Research in Banking Technology (IDRBT) located at Hyderabad. Shri Singh also inaugurated Mogappair Branch, a fully computerised branch with ATM at Chennai

On the occasion, Shri O.N. Singh, Chairman & Managing Director of the Bank said that by joining the network, the bank will be able to achieve greater utilization of its ATM network and provide better service to its customers located across all geographical locations. Shri Singh also said that the Bank is going to open 4 more branches under Zonal Office, Chennai shortly.

Allahabad Bank's own ATM Network so far comprises 90 ATMs which is being augmented shortly by procurement of another 250 ATMs which is in pipeline. By joining the NFS network, the bank will not only share its own ATM resources but this will also facilitate the bank's customers to use the large ATM infrastructure of other 11 NFS member banks viz., Andhra Bank, Bank Of Baroda, Corporation Bank, Dhanalakshmi Bank, ICICI Bank, IDBI Bank, Oriental Bank of Commerce, Punjab National Bank, South Indian Bank, Tamil Nadu Mercantile Bank and United Western Bank. Thus the total coverage under the network is around 5000 ATMs throughout the country.

In addition the Bank is already connected to the VISA network thereby enabling its ATM-cum-Debit cardholders to access large number of 8,70,000 VISA ATMs / 13 Million Merchant Establishment (POS) Delivery Channel deployed in India and abroad.

22nd July, 2005