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Thursday, December 19, 2013

Do you know what White Label ATM is????????

White Label ATM or White Label Automated Teller Machines or WLAs in India will be owned and operated by
Non Bank entities. From such White Label ATM customer from any bank will be able to withdraw money, but
will need to pay a fee for the services. These white label automated teller machines (ATMs) will not display
logo of any particular bank and are likely to be located in non traditional places. (data by facebook/
cnaonweb). On 14th February, 2012, RBI has issued DRAFT guidelines and asked the comments of the
bankers and public in this regard. Non-bank entities should have a minimum net worth of Rs 100 crore as per
the latest financial years audited balance sheet, which is to be maintained at all times.Non-bank entities that
intend setting up, owning and operating ‘White Label ATMs’ (WLAs) would service customers of banks in
India, based on the cards (debit/ credit/prepaid) issued by banks, the RBI said.