MITR was a multilateral

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 ...

sharing arrangement of six member banks in India for

automated teller machine An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

s (ATMs) that operated between 2003 and 2016.

Punjab National Bank Punjab National Bank alias PNB is an Public sector banks in India, Indian government bank based in New Delhi. It was founded in May 1894 and is the List of banks in India, second-largest public sector bank in India in terms of its business volum ...

(PNB) acted as the settlement bank for the MITR Network

History

It came into existence on 8 October 2003 with five member banks,

(PNB),

Oriental Bank of Commerce Oriental Bank of Commerce (OBC) was an Indian public sector bank headquartered at Gurgaon, Haryana. It had 2390 branches and 2625 ATMs across India. In April 2020, the bank along with United Bank of India was merged with Punjab National Bank ...

(OBC),

Indian Bank Indian Bank is an Indian public sector bank, established in 1907 and headquartered in Chennai. It serves over 100 million customers with 40,002 employees, 5,901 branches with 5,268 ATMs and Cash deposit machines. Total business of the bank has ...

Karur Vysya Bank Karur Vysya Bank is a Scheduled Commercial Bank, headquartered in Karur in Tamil Nadu, India. It was founded in 1916 by M. A. Venkatarama Chettiar and Athi Krishna Chettiar. The bank primarily operates in the treasury, corporate/wholesale bank ...

and

IndusInd Bank IndusInd Bank Limited is an Indian banking and financial services company based in Mumbai. It was established in April 1994 and promoted by the Hinduja Group. History IndusInd Bank was among nine 'new-generation' banks that obtained a bankin ...

with

UCO Bank UCO Bank, formerly United Commercial Bank, is an Public sector banks in India, Indian public sector bank, and financial services government owned body headquartered in Kolkata. It is a medium sized Public sector banks in India, public sector ban ...

joining later. 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.

Competitors

Cashnet 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 ...

CashTree CashTree is an interbank network in India founded by five public sector banks, Syndicate Bank, Bank of India, Indian Bank, United Bank of India and Union Bank of India, for sharing their automated teller machine (ATM) networks. The network was ...

* BANCS

References

Interbank networks in India Banking in India {{india-econ-stub