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MITR ATM Sharing Network

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MITR Network
Operating areaIndia
Members6
Founded8 October 2003

MITR was a multilateral interbank network sharing arrangement of 6 member Banks in India for automated teller machines (ATMs) that operated between 2003 and 2016. Punjab National Bank (PNB) acted as the settlement bank for the MITR Network

History

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It came into existence on 8 October 2003 with five member banks, Punjab National Bank (PNB), Oriental Bank of Commerce (OBC), Indian Bank, Karur Vysya Bank and IndusInd Bank with UCO Bank joining later.[1] ATM transaction switching technology was provided by Chennai-based Financial Software Solutions Ltd.

The sharing arrangement formally ended in 2016 when each of the member banks joined the Indian National Financial Switch directly.[2]

Competitors

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References

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  1. ^ "PNB, OBC, Indian Bank, UTI Bank, GTB to share ATMs". Rediff. 27 August 2003.
  2. ^ "100 banks join National Financial Switch network as direct members". The Economic Times. 7 December 2016.
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