Operation of White Label ATMs - Business & Economy - Banking - TIK Share

Operation of White Label ATMs

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The initiative is aimed at financial inclusion for the country and aiding the ATM penetration in small towns and villages. WLAs serve customers of all Banks and interconnected with the entire ATM network in the country. Customers from any bank can transact on such White label ATMs.

RBI had authorized the following four entities in India for operation of White label ATMs (WLAs):

Tata Communications Payment Solutions Ltd, Mumbai

Prizm Payment Services Pvt Ltd, Mumbai,

Muthoot Finance Ltd, Kochi

Vakrangee Ltd, Mumbai.

The first three have already commenced operations and Vakrangee is likely to commence its service shortly.

WLAs offer various services like Bank ATMs such as Cash Withdrawal, Balance Enquiry, Mini Statement or Pin change. Savings bank account holders can transact a maximum of 5 transactions free of cost at WLAs and other bank ATMs in a month, as per RBI guidelines. WLA machines are user friendly and backed with multi-lingual messages to provide ease and convenience in transactions for user across urban and rural areas. WLA machines offer card dip facilities and electronic surveillance to enable safe and secure transactions.

Originally posted by Premchand, transffered to Forum due to T&C.