White Labeled ATM Flashcards
1
Q
What is White Labeled ATM(WLA)
A
They are ATM machines operated by non banking entities or companies that are under Companies Act
2
Q
Is it legal
A
Yes RBI has allowed this to promote financial inclusion
3
Q
How they work
A
The WLA are associated with one or more banking partners and a network operator to maintain cash.
4
Q
How is it diffrent from all ATM
A
It charges fess for all transactions.
There is no option for cash deposite
5
Q
What are the new changes
A
1 WLA can borrow directly from RBI and Scheduled banks directly min of 1 Lack.
2 Screens and premises can be used for advertisement except main signboard.
3 They can issue Co-Branded ATM cards
