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Tata Launches Indicash White Label ATM; You'll See More of WLAs
28 June 2013
Tata Communications Payment Solutions Ltd (TCPSL) launched the country's first White Label ATM at Chandrapada, a small town near Mumbai today. A couple of months ago RBI had licensed 17 White Label ATMs to set up business in India.
Federal Bank has tied with Tata Communications Payment Solutions as a sponsor for installing 15,000 such White Label ATMs (WLAs) in the country. Customers of any bank can access a WLA which will be set up and operated by a non-bank entity. WLAs would not have brand of any bank. Sponsor bank would be responsible for managing cash in the ATM and handling grievances relating to failed transactions.
TCPSL will roll out 10 more such ATMs, which it calls Indicash, in Mumbai next month and set up 5,000 ATMs every year for the next 3 years.
Muthoot Finance is one of the other companies that have got RBI's approval for WLAs. If all of the rest start business you would see more White Label ATMs instead of bank ATMs in the next three years since approximately 1.5 lakhs such ATMs are expected to crop up.
For more on what a White Label ATM is, how it will work and whether or how they will affect your personal banking experience, read article on White Label ATMs.