RBI Authorises 3 NBFCs To Set Up White Label ATMs
The Reserve Bank of India (RBI) has authorised three non-banking financial companies (NBFCs) for setting up white label ATMs in order to increase financial inclusion. Certificates of authorisation have been issued to BTI Payments, SREI Infrastructure Finance and RiddiSiddhi Bullions, according to RBI.
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 (WLAs).
These three will operate in addition to the four entities which are already authorised to function as WLAs, namely, Tata Communications Payment Solutions, Prizm Payment Services, Muthoot Finance and Vakrangee.
In June 2012, the RBI had issued policy guidelines, allowing NBFCs to set up and operate WLAs. Earlier, only banks were allowed to set up and operate ATMs.
The RBI said that the primary objective of allowing NBFCs to operate WLAs was to spread ATMs in semi-urban and rural areas.
Popular on BI
- Amazon Sale: Best deals on kitchen items and dining products
- Amazon Great Republic Sale: Best deals on kitchen appliances
- India records 2,71,202 fresh COVID-19 cases in the last 24 hours, active cases highest in 225 days
- Amazon Great Republic Day Sale 2022 — Best deals and offers on laptops
- Amazon Great Republic Day Sale — Top offers and deals on large electronic appliances
- Section 144 in Mumbai
- Elon Musk
- India's win in Centurion
- Millionaires Employees
- Car with Waiting Period
- Tax Saving Investment
- Urban Company
- New Year 2022
- Upcoming new laptops
- Bank Holidays in January
- Valuable NFT Projects
- Xiaomi 11i hypercharge
- GST Input tax credit
- Public Holidays in 2022
- RBL Stocks
- Upcoming Smartphones in 2022