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Eases Business Guidelines for White Label ATMs – RBI

By GovernanceToday
In Banking & Finance
March 9, 2019
0 Comments
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The Reserve Bank of India (RBI) has eased business guidelines for white label ATMs.At present there are eight White Label ATM operators in the country – AGS Transact Technologies Ltd, BTI Payments Pvt Ltd, Hitachi Payment Services Pvt Ltd, Muthoot Finance Ltd, Riddi Siddhi Bullions Ltd, SREI Infrastructure Finance Ltd, Tata Communications Payment Solutions Ltd, and Vakrangee Ltd These new guidelines increase the avenues of revenue earning for the white label ATMs

New Guidelines are:

The White Label ATM Operators are now allowed to buy wholesale, cash, above a threshold of 1 lakh pieces (and in multiples thereof) of any denomination, directly from the Reserve Bank and currency chests against full payment.

They are also allowed to source cash from any scheduled bank, including cooperative banks and regional rural banks.

The White Label ATM Operators can also offer bill payment and Interoperable Cash Deposit services, subject to technical feasibility and certification. By the National Payments Corporation of India (NPCI).

The White Label ATM Operators can also display advertisements pertaining to non-financial products or services anywhere within the WLA premises, including the ATM screen, except the main signboard by ensuring that the advertisements running on the screen disappear once the customer commences a transaction

Banks can issue co-branded ATM cards in partnership with the authorised White Label ATM operators and may extend the benefit of ‘on-us’ transactions (where the customer or cardholder and ATM are of the same bank) to their WLAs as well

RBI has stated that all guidelines, safeguards, standards, and control measures applicable to banks relating to currency handling and cyber-security framework for ATMs, shall also be applicable to WLA operators

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