BANKING - WHITE LABEL ATM’S

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We are all aware what an ATM is . Any time money… not really, you do need to have a balance in your account. ATM stands for Automated Teller Machines.

So what is White label ATM?

These are ATM’s which are not owned by banks but by private ATM service providers. Customers from any bank can deposit or withdraw money from such ATM,s. Your banks pay a service fee for the usage.

The product needs to be approved by Reserve Bank of India. RBI has been reluctant to allow white-label (or no name) ATMs by non-banking entities.

 

To know more write to Dominic Christy dominic@dacconsulting.in.

The author invites requests from readers to suggest topic they may wish to have clarity on. Please visit us  at www.dacconsulting.in . 

About the author:     

 

Dominic Christy  a professional banker for over 23 years and now Chief consultant of DAC Consulting & Associates brings abundant expertise in Foreign exchange and Treasury Management,  Project finance and banking laws.