White Label ATM:
The Reserve Bank of India has extended the validity of authorization issued to Vakrangee to set up, own and operate White Label ATMs in India.
White Label ATM:
- Automated Teller Machines (ATMs) set up, owned and operated by non-banks are called White Label ATMs.
- Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
- Such non-bank entities should have a minimum net worth of Rs 100 crore as per the latest financial year’s audited balance sheet, which is to be maintained at all times.
- Foreign Direct Investment (FDI), up to 100 per cent, is allowed under the automatic route in the activity of White Label ATM (WLA) Operations.
