Leading gold Finance company of the country is planning to set up 100 new white label ATMs (WLAs) across the country. WLAs are similar in working as the Normal ATMs, but they are owned by the non –banking financial companies. Earlier also Muthoot had established white label ATMs. This time muthoot is planning to establish in Rural and semi urban areas.
Last, company has established one ATM in Chennai, which was the 29th ATM established by the company. The company is planning to launch 9,000 WLAs in coming three years and set up 100 by the end of this quarter. Muthoot Finance has partnered with FIS Payment Solutions and Services India, which would act as technical partner for the project and Federal Bank Ltd as the sponsor Bank.
Muthoot Finance is one among the four companies, which got permission from the RBI to set up WLAs across the country. Besides Muthoot Tata Communications Payment Solutions Ltd, Prizm Payment Services can only set up the WLAs.