Search

RBI Appoints 3 NBFCs For Setting Up Of White Label ATMs

Tuesday, May 27, 2014
30
Separator
28
Separator
55
Separator
12
Separator
Print Print Email Email

MUMBAI: 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.

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.


Source: PTI
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Captcha
Type the characters you see in the picture
  Submit
SPOTLIGHT
Banks need to raise own capital
Public Sector Banks (PSBs) may raise capital themselves to meet regulatory and growth ..
Bharti Airtel board approves
Telecom major Bharti Airtel on Thursday said its board of directors has approved fund raising ..
Brookfield to buy RIL E-W Pipeline
Canadian investor Brookfield has acquired the loss-making East-West Pipeline Ltd from Mukesh Amba..
90% of developing economies
Ninety per cent of developing economies, including India are falling behind or are at risk of fall..
Previous
Next