White Label ATM

White Label ATM

News: Recently, the Reserve Bank of India has extended the validity of authorization issued to Vakrangee to set up, own and operate White Label ATMs in India.

About:
 Automated Teller Machines (ATMs) set up, owned and operated by non-banks are called White Label ATMs.
 Non-bank ATM operators are authorized under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
 Such non-bank entities should have a minimum net worth of Rs 100 crore as per the latest financial year’s audited balance sheet, which is to be maintained at all times.
 Foreign Direct Investment (FDI), up to 100 per cent, is allowed under the automatic route in the activity of White Label ATM Operations.