RBI authorises three more companies to open white label ATMs1 min read . Updated: 26 May 2014, 08:24 PM IST
BTI Payments, Srei Infra Finance and RiddhiSiddhi Bullions have been given authorisation to set up ATMs
Mumbai: Reserve Bank of India (RBI) on Monday authorised three more non-banking finance companies (NBFCs) to open and operate so-called white label automated tellers machines (ATMs) in addition to the four companies allowed earlier.
White label ATMs are mandated to be set up by NBFCs and do not have any bank branding. These ATMs can be used by any domestic debit card holder to withdraw cash, make a balance inquiry, change the personal identification number or ask for mini statements.
“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 areas, where bank owned ATM penetration was not growing," RBI said in a statement on Monday.