Cashnet is an interbank network in India managed by Euronet Services India Pvt. Ltd. which is a subsidiary of Euronet Worldwide.
Banks are invited to join the Cashnet shared ATM network whereby each member banks’ cardholders can perform transactions at other member banks’ ATMs. Member banks will allow their customers to perform transactions at other member banks ATMs (“Issuing Bank”) and allow other member banks’ cardholders to perform transactions at their ATMs (“Acquiring Bank”). All member banks are expected to be both Issuing Banks and Acquiring Banks.
Euronet India provides the central switching and processing centre for the shared ATM network by establishing a host-to-host connection to each member bank, facilitating daily settlement between each participant and providing settlement reports. Switching and gateway services to international card organisations such as Visa, MasterCard, Amex and Diners Club will be provided.
Through CashnetTM a bank can drive new fee income from acquiring transaction fees on its ATMs that will contribute to reducing the cost structure of its ATM network and at the same time extend the reach of ATM services to its customers without having to invest in costly infrastructure all across the country.
The network has 14 member banks with an approximate network strength of 10,700+ ATMs. The member banks of Cashnet are:
Cashnet is India’s largest private shared ATM network with IDBI Bank acting as the Settlement Bank. The Reserve Bank of India (RBI) has granted the following approval on the 8 April 2003. Cashnet was officially launched in Mumbai on 21 May 2003, and is the first Independent nationwide-shared ATM network in India.