RBI appoints 3 NBFCs for setting up of white label ATMs

Tags: News
Reserve Bank has authorised three non-banking entities for setting up white label ATMs with a view to increase financial inclusion.

Certificates of authorisation has been issued to BTI Payments Pvt Ltd, Srei Infrastructure Finance Ltd, and RiddiSiddhi Bullions Ltd, RBI said in a statement today.

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.

This is in addition to the four entities already authorised to operate as WLAs namely Tata Communications Payment Solutions, Prizm Payment Services Pvt. Ltd, Muthoot Finance Limited and Vakrangee Ltd.

In June 2012, the RBI had 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E-mail ID will not be published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.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • Time and tide are ripe for megaplans such as Sagarmala

    To say that India’s infrastructure is in urgent need of upgrade would be to state the obvious.

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

Urs Schoettli

China looks to India for balance

Almost a third of the total world population lives in ...

Zehra Naqvi

Love and its stories

People must have bread. They can live without stories. No, Hameeda, ...

Dharmendra Khandal

Tiger in urban landscape

Ranthambhore is in a no-win situation. Just a few days ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture