RBI issues certificates to 4 non-bank entities to set up WLAs

Tags: RBI, WLAs, Banking
The Reserve Bank today said it has issued 'certificate of authorisation' to four non-bank

RELATED ARTICLES

entities, including Tata Communications Payment Solutions and Muthoot Finance, to set up White Lable ATMs (WLAs) in the country.

The other two non-bank entities to which the Reserve Bank has issued the certificate for setting up and operating White Label ATMs are Prizm Payment Services and Vakrangee Limited.

While Tata, Muthoot and Prizm have already launched their services, Vakrangee Limited is likely to commence its service shortly, the central bank said.

Most of the ATMs belong to banks, but the cash dispensing machines which are owned and operated by non-banking companies are called White Label ATMs.

In June 2012, the RBI issued policy guidelines permitting non-bank entities to set up and operate WLAs. Prior to this, only banks were permitted to set up and operate ATMs in the country.

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

Under the new guidelines, certain minimum number of WLAs need to be installed in these areas within a year as per the scheme opted by the respective operators.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Winter rains that have destroyed rabi crops are bound to take their toll

    Farmers are distressed. Many of them are staring at bankruptcy and most remain unsure how they would feed themselves, their families and cattle.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Today's Columns

BK Chaturvedi

Size does not matter, efficiency does

On assumption of office, prime minister Modi had emphasised the ...

Zehra Naqvi

Don’t let society decide your life’s framework

Our lives are nothing but a series of relationships, and ...

Dharmendra Khandal

The gigantic tales of mother nature

In Namdapha tiger reserve, Arunachal Pradesh, our guide was looking ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture