White Label ATMs Soon In India: RBI

The Reserve Bank of India (RBI) on Tuesday 14th February, issued draft norms for permitting non-banking institutions to set up, own and operate money dispensing machines – ATMs. These ATMs rolled out by non-banks will be in the nature of White Label ATM (WLA), providing ATM services to customers of all banks.

The non-banking institutions proposing to set up WLAs must apply to RBI seeking authorization under the Payment and Systems Act 2007. Also such non banking entities should have a minimum net worth of Rs.100 crore. RBI suggested that, only the cards issued by the banks would be permitted to get access at WLAs and no acceptance of deposits shall be permitted.

RBI said that, the guidelines on five free transactions per month for using bank’s ATM would not be applicable for transactions at WLAs. Moreover the draft proposed that, charges for the transactions at WLAs should be displayed on the screen, before the customer initiates the transaction.

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