RBI authorises three more companies to open white label ATMs

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Mumbai: Reserve Bank of India (RBI) on Monday authorised three more non-banking finance companies (NBFCs) to open and operate so-called white label automated tellers machines (ATMs) in addition to the four companies allowed earlier.

Bangalore based BTI Payments Pvt Ltd, Kolkata-based Srei Infrastructure Finance Ltd and Mumbai-based RiddhiSiddhi Bullions Ltd have been given authorisation to set up ATMs.

White label ATMs are mandated to be set up by NBFCs and do not have any bank branding. These ATMs can be used by any domestic debit card holder to withdraw cash, make a balance inquiry, change the personal identification number or ask for mini statements.

"The primary objective of permitting non-banks to operate WLAs was to enhance the spread of ATMs in semi-urban and rural areas, mainly tier III to VI areas, where bank owned ATM penetration was not growing," RBI said in a statement on Monday.

Earlier, Tata Communications Payment Solutions Ltd, Prizm Payment Services Pvt. Ltd, Muthoot Finance Ltd and Vakrangee Ltd had been granted authorisation to commence ATM services.

- Livemint
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Email Id: rajesh.ipo@smcindiaonline.com


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