White Label ATMs (WLAs) to drive ATM penetration in India with a greater focus on Tier III to VI centres

White Label ATMs (WLAs) to drive ATM penetration in India with a greater focus on Tier III to VI centres

• The Reserve Bank of India (RBI) has apprised that in order to drive ATM penetration in the country with a greater focus on Tier III to VI centres, non-bank companies have been permitted to set up, own and operate White Label ATMs (WLAs) in the country. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha today.
• The Minister stated that WLAs provide banking services to the customers of banks in India, based on the cards (debit/credit/prepaid) issued by banks. In addition to dispensing cash, WLAs may offer many other services / facilities which inter-alia include:
  1. Account Information
  2. Cash Deposit
  3. Regular Bill Payment
  4. Mini / Short Statement Generation
  5. PIN Change
  6. Request for Cheque Book

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Published date : 26 Jul 2023 04:47PM