RBI issues guidelines for White Label ATMs owned by non-banks

In a bid to accelerate the growth and wider spread of ATMs, the Reserve Bank today 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 to have a minimum net worth of Rs 100 crore, RBI said.“The RBI has sought views/comments on the draft circular from banks, authorised ATM network operators, non-bank entities and members of public,” it said, adding that the stakeholders can make suggestions by 6 March. The central bank said that it has reviewed the extant policy on ATMs.“… it has been decided to permit non-banks to set up, own and operate ATMs to accelerate the growth and penetration of ATMs in the country. Such ATMs will be in the nature of White Label ATMs (WLA) and would provide ATM services to customers of all banks,” the draft

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