One of the leading gold financing firms in India, Muthoot Finance, had drafted plans to construct 250 white label ATMs in the next three months.
According to Muthoot Finance Chief General Manager KR Bijimon said, "We have in-principle approval from the RBI. We have identified locations in two states and intends to operationalize 250 ATMs by December."
The two states where the construction would be done are Delhi and Kerala. With the new ATM facilities, the total number of ATMs would increase to 1,000 by September of 2013.
He added, "We have plans to roll out different models of ATMs such as through the wall ATMs, drive in ATMs, Mini-ATMs and moving ATMs to name a few. These ATMs will be deployed at public locations like bus-depots, shopping malls , educational institutions, offices, small kirana stores, cinemas, public parks and even at own branches of the company."
Since 2012, RBI had allowed non-banking entities to set up white label ATMs without carrying any brand label of any bank. These ATMs could be used by any bank customers without paying any charge. Each white label ATM operator would be required to tiel up with a sponsor bank, which handles the cash operations, regulatory reporting and dispute resolution.
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