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{{ | {{Short description|Interbank network in India}} | ||
{{Use dmy dates|date= | {{more citations needed|date=December 2016}} | ||
{{Use dmy dates|date=February 2025}} | |||
{{Use Indian English|date=October 2015}} | {{Use Indian English|date=October 2015}} | ||
{{Infobox Interbank Network | {{Infobox Interbank Network | ||
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| owner = Euronet India | | owner = Euronet India | ||
}} | }} | ||
'''Cashnet''' is an [[interbank network]] in | '''Cashnet''' is an [[interbank network]] 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 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 [[Automated teller machine|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. | 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. | ||
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* [[CashTree]] | * [[CashTree]] | ||
* [[MITR ATM Sharing Network|MITR]] | * [[MITR ATM Sharing Network|MITR]] | ||
* [[BANCS]] | * [[Banks ATM Network and Customer Services|BANCS]] | ||
==References== | ==References== | ||
{{Portal|Banks}} | |||
{{Reflist}} | {{Reflist}} | ||
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[[Category:Interbank networks in India]] | [[Category:Interbank networks in India]] | ||
{{Asia-bank-stub}} | {{Asia-bank-stub}} | ||
{{India-econ-stub}} | {{India-econ-stub}} | ||
Latest revision as of 06:11, 22 February 2025
 | This article needs additional citations for verification. (December 2016) |
| Operating area | Worldwide |
|---|---|
| Members | 14 |
| ATMs | 10,700 |
| Owner | Euronet India |
Cashnet is an interbank network 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[edit | edit source]
The Reserve Bank of India (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 acting as the Settlement Bank.[1]
Members[edit | edit source]
The network has 14 member banks with an approximate network strength of 10,700+ ATMs. The member banks of Cashnet are:
- Axis Bank
- Barclays Bank
- Citibank
- Corporation Bank
- Dena Bank
- Deutsche Bank
- Development Credit Bank
- Dhanalakshmi Bank
- HDFC Bank
- HSBC
- IDBI Bank
- ING Vysya Bank
- Standard Chartered Bank
- Kotak Mahindra Bank
Competitors[edit | edit source]
References[edit | edit source]
- ↑ Gabi Afram (2012). The Remittance Market in India: Opportunities, Challenges, and Policy Options. World Bank. p. 59. ISBN 9780821389348.
External links[edit | edit source]
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