In a move to accelerate the growth and penetrations of ATMs across the country, the Reserve Bank of India, RBI has issued draft guidelines for permitting non-banking entities to set up, own and operate such money dispensing machines. Non-bank entities proposing to set up such service will have a minimum net worth of Rs 100 crore and they have to apply to RBI for seeking authorisation under the Payment and Settlement Systems Act 2007.

The RBI in its guidelines has said that such ATMs will be in the nature of White Label Automated Teller Machines-WLAs and will provide ATM services to customers of all banks.

The WLA operator can earn fees from the banks as acquirer for all tansactions but will not be allowed to charge customers.

RBI has also sought views and comments on the draft circular from banks, authorised ATM network operators, non-bank entities and members of public in this regard upto 6th of next month.

The banking sector has seen considerable growth in ATMs during recent years with around 87,000 machines operational across the country and most of them operational in urban and metros areas.

More Under Fema / RBI

Posted Under

Category : Fema / RBI (3425)
Type : News (13503)

Leave a Reply

Your email address will not be published. Required fields are marked *