Mumbai, Feb. 26: India Switch Company (ISC) today launched BANCS, a national electronic fund transfer network for debit, credit and allied services.

BANCS — banks’ ATM network and customer services — currently consists of 12 member banks and eight more are slated to join the network shortly. It provides access to 2.4 million debit and credit cardholders.

BANCS has been processing close to one-lakh transactions per month since its pilot operations, which commenced in January, said Harish Murthy, chairman of ISC. The transactions are expected to increase by 50 per cent in the next few months, he added.

The consortium would support the ATMs of member banks that include Bank of Maharashtra, Centurion Bank, UTI Bank, Central Bank of India, Punjab & Singh Bank and IDBI Bank among others.

Bank of India (BoI) will be the settlement bank for the network.

The network currently has 2,000 ATMS from 12 members, which would go up to 2,800 ATMS with others joining in shortly, Murthy said.

M. Balachandran, executive director of Bank of India, said the banks would have to pay Rs 25 per transaction.