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TMI BlogRBI authorises Four Non-Bank Entities to set up White Label ATMSX X X X Extracts X X X X X X X X Extracts X X X X ..... RBI authorises Four Non-Bank Entities to set up White Label ATMS X X X X Extracts X X X X X X X X Extracts X X X X ..... g four non-bank entities for setting up and operating White Label ATMs (WLAs) in India: I. Tata Communications Payment Solutions Limited, Mumbai II. Prizm Payment Services Pvt. Ltd., Mumbai III. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Muthoot Finance Limited, Kochi IV. Vakrangee Limited, Mumbai Of these, first three WLA operators have already launched their services and Vakrangee Limited is likely to commence its service shortl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. Background In June 2012, the Reserve Bank of India issued policy guidelines permitting non-bank entities to set up and operate WLAs in the country after seeking the Reserve Bank's authorisation u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Payment and Settlement Systems Act, 2007. Prior to this, only banks were permitted to set up and operate ATMs in India. The primary objective of permitting non-banks to operate WLAs was to e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nhance 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 nee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be installed in these areas within a year as per the Scheme opted by the respective operator.
Alpana Killawala
Principal Chief General Manager X X X X Extracts X X X X X X X X Extracts X X X X
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