Indianprofits.com

Starting from April, All transactions from ATM’s of different Banks were made free. In simple sense you can make your ATM card to work with any bank’s ATM machine which is free of change now. Before the bank changed Rs 20- Rs 50 per transaction depending on the bank. Most of the banks were not prepared for this move, and many banks were not ready with the technical side.

The experts in the field says that ATM usage all over the country have risen more than 30% after April.
The system works like this in 30 seconds.
1 An SBI card holder swipes his card at an AXIS Bank ATM.
2 The ATM banks card links the card to its own core system to verify if its an Axis bank card.
3 After the verification and seeing that its not an Axis bank card it transfers data to the SBI bank switch.
4 The SBI switch connects to its core banking network and process the transaction
5 After verifying the SBI switch communicates with the Axis Bank Switch
6 Finally ATM makes the payment to the customer.

All this process takes about 30 seconds to complete. It has been widely accepted as a welcome move for the customer.