TCPSL receives RBI approval to set up WLAs in India

RBI says the primary objective of permitting non-banks to operate WLAs is to enhance the spread of ATMs in semi-urban, rural areas
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First Published: Fri, May 03 2013. 10 21 PM IST
White-label ATMs are automated teller machines operated and managed by entities that aren’t banks and can be used by the customers of all banks. Photo: Indranil Bhoumik/Mint
White-label ATMs are automated teller machines operated and managed by entities that aren’t banks and can be used by the customers of all banks. Photo: Indranil Bhoumik/Mint
Mumbai: Tata Communications Payment Solutions Ltd (TCPSL), a Mumbai-based unit of the Tata Group, has become the first company to receive Reserve Bank of India (RBI) approval to set up and operate so-called white-label ATMs (WLAs) in India. White-label ATMs are automated teller machines operated and managed by entities that aren’t banks and can be used by the customers of all banks.
“The primary objective of permitting non-banks to operate WLAs was to enhance the spread of ATMs in semi-urban and rural areas (mainly tier III to VI cities/towns), where bank-owned ATM penetration was not growing. Under the new guidelines, certain minimum number of WLAs need to be installed in these areas within a year as per the scheme opted,” RBI said.
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First Published: Fri, May 03 2013. 10 21 PM IST
More Topics: TCPSL | tata group | WLA | ATM | RBI |
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