Srei Infrastructure Finance and Vakrangee Software have got the Reserve Bank of India's nod for setting up automated teller machines or ATMs that will not be proprietary to a particular bank.
Apart from these two companies, Tata communications and nine other companies got the authorization to set up ‘white label ATM machines' for reaching out to the un-banked and under banked areas.
Unlike around 1 Lakh ATM machines in India, white label ATMs would not have any bank logos and they will serve customers same as a bank with same fee.
As per the RBI guidelines, the authorization of setting up white label ATMs would be initially valid for a period of one year only. The operators would be charging their customers as per bank charges.
RBI has allowed Srei to set up 9000 ATMs in rural areas of the country, aid Mr. Rajiv Aggarwal, Chief Executive Officer of Bharat Technical Solutions, a group company.