The Reserve Bank of India (RBI) has authorized Srei Infrastructure Finance to set up White Label ATMs (WLAs) in the country. WLAs are ATMs that are owned and operated by non-banking entities. Most of the ATMs in India are owned and operated by banks.
Bangalore-based BTI Payments Private and Mumbai-based RiddiSiddhi Bullions are the two other entities to be authorised to operate such ATMs. This is in addition to the four entities already authorized to operate WLAs, namely Tata Communications Payment Solutions, Prizm Payment Services, Muthoot Finance and Vakrangee.
The primary objective of permitting non-banks to operate WLAs was to enhance the spread of ATMs in semi-urban and rural areas, mainly tier-III to VI areas, where bank-owned ATM penetration was not growing.
SREI Infrastructure Finance’s businesses include infrastructure equipment leasing and finance, infrastructure project finance, advisory and development, insurance broking, venture capital, capital market and Sahaj e-Village.
