Tata launches first white-label ATM ‘Indicash’ – India’s first White Label ATM owned by a non-bank entity opened in Maharashtra.
Tata Communications Payment Solutions (TCPS), a wholly owned subsidiary of Tata Communications, today launched first white label ATM (WLA) of the country at Chandrapada, a tier-V town near Mumbai. It has been branded ‘Indicash’ by the company.
TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centres the company will be able to install one ATM in tier-I and tier-II centres.