It has been reported that RBI has allowed three more companies to establish white Label ATMs in the country. Earlier only four companies were authorized to establish white label ATMs, now three more companies are permitted to set up white label ATMs.
Three companies Mumbai-based bullion trading firm RiddiSiddhi Bullions, Srei Infrastructure- Kolkata and BTI Payments will be joining the earlier four companies Tata Communications Payment Solutions, Prizm Payment Services, Muthoot Finance and Vakrangee Limited to set up the white label ATMs.
The aim of the RBI to permit the NBFC to set up the white label ATMs is to expand the ATM network across the country and provide ease to the people in rural and unbanked areas to access the basic banking services. Under the new guidelines the minimum number of WLAs to set up is specified. In 2012, for the first time RBI permitted NBFCs to set up the ATM, prior to this only bank were authorized to set up the ATMs.