RBI Issues Certificates to 4 Non-Bank Entities to Set Up WLAs
Posted on: 07/Feb/2014 4:20:41 PM
The Reserve Bank today said it has issued `certificate of authorisation` to four non-bank entities, including Tata Communications Payment Solutions and Muthoot Finance, to set up White Lable ATMs (WLAs) in the country.
It has also issued to other two non-bank entities - Prizm Payment Services and Vakrangee Limited.
Tata, Muthoot and Prizm have already launched their services. Vakrangee Limited is likely to commence its service shortly.
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.RBI issued policy guidelines in June 2012 permitting non-bank entities to set up and operate WLAs.
The primary objective is to enhance the spread of ATMs in semi-urban and rural areas.
