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.