Cashnet is an

interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belo ...

in India managed by Euronet Services India Pvt. Ltd. which is a subsidiary of Euronet Worldwide. Banks can join the Cashnet shared ATM network whereby each member banks' cardholders can perform transactions at other member banks' ATMs. Member banks will allow their customers to perform transactions at other member banks ATMs ("Issuing Bank") and allow other member banks' cardholders to perform transactions at their ATMs ("Acquiring Bank"). All member banks are expected to be both Issuing Banks and Acquiring Banks. Euronet India provides the central switching and processing centre for the shared ATM network by establishing a host-to-host connection to each member bank, facilitating daily settlement between each participant and providing settlement reports. Switching and gateway services to international card organisations such as Visa, MasterCard, Amex and Diners Club will be provided.

History

The

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

(RBI) has granted the following approval on 8 April 2003. Cashnet was officially launched in Mumbai on 21 May 2003, and is the first Independent nationwide-shared ATM network in India. Cashnet is India's largest private shared ATM network with

IDBI Bank The IDBI Bank Limited (IDBI Bank or IDBI) is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Re ...

acting as the Settlement Bank.

Members

The network has 14 member

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

s with an approximate network strength of 10,700+ ATMs. The member banks of Cashnet are: *

Axis Bank Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian Multinational corporation, multinational banking and financial services company headquartered in Mumbai. It is India's third largest private sector bank by assets and fo ...

Barclays Bank Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

Citibank Citibank, N.A. ("N. A." stands for "National bank (United States), National Association"; stylized as citibank) is the primary U.S. banking subsidiary of Citigroup, a financial services multinational corporation, multinational corporation. Ci ...

* Corporation Bank * Dena Bank *

Deutsche Bank Deutsche Bank AG (, ) is a Germany, German multinational Investment banking, investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. ...

* Development Credit Bank * Dhanalakshmi Bank *

HDFC Bank HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and market capitalisation. The Reserve Bank of India (RBI) has identified the HDFC Bank, Stat ...

HSBC HSBC Holdings plc ( zh, t_hk=滙豐; initialism from its founding member The Hongkong and Shanghai Banking Corporation) is a British universal bank and financial services group headquartered in London, England, with historical and business li ...

* ING Vysya Bank *

Standard Chartered Bank Standard Chartered PLC is a British multinational bank with operations in wealth management, Wholesale banking, corporate and investment banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retai ...

Kotak Mahindra Bank Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, l ...

History

Members

Competitors

References

External links