<Tr> <Th> Founded </Th> <Td> 27 August 2004 </Td> </Tr> <Tr> <Th> Owner </Th> <Td> NPCI </Td> </Tr> <P> National Financial Switch (NFS) is the largest network of shared automated teller machines (ATMs) in India . It was designed, developed and deployed by the Institute for Development and Research in Banking Technology (IDRBT) in 2004, with the goal of inter-connecting the ATMs in the country and facilitating convenience banking . It is run by the National Payments Corporation of India (NPCI). </P> <P> The first ATM in India was set up in 1987 by HSBC in Mumbai . In the following twelve years, about 1500 ATMs were set up in India . In 1997, the Indian Banks' Association (IBA) set up Swadhan, the first network of shared ATMs in India . It was managed by India Switch Company (ISC) for five years, and allowed cardholders to withdraw cash from any ATM in the network, for a fee if they did not have an account with the bank that owned the ATM . In 2002, the network connected over 1000 ATMs of the 53 member banks of the association . The network was capable of handling 250,000 transactions per day, but only 5000 transactions, worth about ₹ 100,000, took place each day . In contrast, ICICI Bank's network of about 640 ATMs handled transactions worth about ₹ 20,000,000 each day . After the contract with ISC expired, IBA failed to find a bidder to manage the operationally uneconomical network, and shut it down on 31 December 2003 . </P>

Which links all the atm's in india