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3 more given license to set up WLAs

img_0048The Reserve Bank of India has authorized three non-banking entities to set up white label ATMs with a view to increase financial inclusion. These entities are BTI Payments, Srei Infrastructure Finance, and RiddiSiddhi Bullions. This is in addition to the four entities already authorised to operate as WLAs, namely Tata Communications Payment Solutions, Prizm Payment Services, Muthoot Finance and Vakrangee. In June 2012, the RBI had issued policy guidelines permitting non-banking entities to set up and operate WLAs. Prior to this, only banks were permitted to set up and operate ATMs in the country. The primary objective of permitting non-banks to operate WLAs, RBI said, was to enhance the spread of ATMs in semi-urban and rural areas (mainly in tier III to VI areas), where bank-owned ATM penetration was not growing. Under the new guidelines, certain minimum number of WLAs need to be installed in these areas within a year as per the scheme opted by the respective operators.

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