The Reserve bank of India (RBI), central banking institution of India, has given in-principle approval to seven companies to roll out White Label ATMs (WLA) last month.
White Label ATM (WLA) operator is a non-bank entity which can set up, own and operate an automated teller machine (ATM) as extended delivery channels. The RBI gave final guidelines for prospective WLA operators in August last year.
“Seven companies have been given authorisation (to set up WLAs) while five were given in December last year, taking the total to 12. As soon as they get their act together, they will be in operation,” said Vijay Chugh, Chief General Manager, Reserve Bank of India, at the sidelines of a conference hosted by Discover Financial Services and National Payments Corporation of India.