TaxTMI 
TaxTMI 
RBI authorises Four Non-Bank Entities to set up White Label ATMS
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....BI authorises Four Non-Bank Entities to set up White Label ATMS <br>News and Press Release<br>Dated:- 7-2-2014<br><BR>The Reserve Bank of India has issued Certificate of Authorisation to the following....
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.... 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. ....
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....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 shortly....
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..... 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 un....
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....der 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 en....
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....hance 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 need....
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.... to be installed in these areas within a year as per the Scheme opted by the respective operator. Alpana Killawala Principal Chief General Manager<BR> News - Press release - PIB....