Third Party ATM Networks for Banks Soon

The Reserve Bank of India (RBI) has finally agreed to banks’ demand to allow companies (third party) to setup ATM networks with regard to banks services. Now banks can join third party network in order their customers can get access of it. RBI in its official report says that the guidelines on third party ATM management will be issued shortly and the details regarding revenue sharing, conditions, methodology and instructions on usage will be included in the guidelines when issued.

The third party companies just run the ATM network along with the branding and ownership of the ATM. The banking officials say that the debate around it has been going on for over two years now. But finally, RBI has made a favorable decision for banks by which banks can reduce costs by not making capital investment in setting up a large-scale ATM network.

In the countries like US, Europe, there is a third party ATM network for banks which create the infrastructure of network and operates it. Thus, Banks can simply become their members and their customers can access/utilize the ATM network of the third party operator.

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