What is White Label ATM?

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What is White Label ATM? Blog Image

Overview:

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 White Label ATM:

  • Automated Teller Machines (ATMs) set up, owned and operated by non-banks are called White Label ATMs.
  • Non-bank ATM operators are authorised 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 (WLA) Operations. 

 


Q1) What is a Foreign direct investment?

Foreign direct investments (FDIs) are substantial, lasting investments made by a company or government into a foreign concern.

Source: RBI renews authorization for white-label ATMs to Vakrangee