"White Label ATMs"
RBI has
decided to permit non-bank entities incorporated in India under the Companies
Act 1956, to set up, own and operate ATMs in India. Non-bank entities that
intend setting up, owning and operating ATMs, would be christened "White
Label ATM Operators" (WLAO) and such ATMs would be called "White
Label ATMs" (WLAs). They will provide the banking services to the
customers of banks in India, based on the cards (debit/credit/prepaid) issued
by banks. The WLAO's role would be confined to acquisition of transactions of
all banks' customers and hence they would need to establish technical
connectivity with the existing authorised shared ATM Network Operators / Card
Payment Network Operators.
Non-bank
entities would be permitted to set up WLAs in India, after obtaining
authorisation from RBI under the Payment and Settlement Systems (PSS) Act 2007. Such non-bank entities should have a minimum net worth of Rs
100 crore as per the latest financial year’s audited balance sheet, which is to
be maintained at all times.
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