Mumbai: Tata Communications Payment Solutions (TCPS), a wholly owned subsidiary of Tata Communications, today launched first white label ATM (WLA) of the country at Chandrapada, a tier-V town near Mumbai.
It has been branded 'Indicash' by the company.
TCPS has got the license from Reserve Bank of India (RBI) to launch white label ATM operations last month under scheme ‘B’ of the central bank.
In scheme ‘B’ the WLA licensee has to setup a minimum of 5,000 ATMs per year for three years. In this scheme for every two ATMs installed in tier-III to tier-VI centers the company will be able to install one ATM in tier-I and tier-II centers.
The company already operates about 27,000 ATMs for 37 banks in the country. “We look to have 50,000 ATMs including 15,000 WLAs by FY 16” said Sanjeev Patel, chief executive officer, TCPS.
Early this week old generation private sector lender Federal Bank had announced it has signed up as a sponsor bank for TCPS WLAs.
Sponsor bank is the bank which will supply cash to the WLA operator for the ATMs. “We are open to more sponsor banks as it depends on the banks reach in the particular region” Patel added.
“We will leverage Tata group’s retail presence in small centres for the ATMs, however we also would be talking to other corporate houses and government agencies who have vast presence in tier- III to tier-VI centers” said Srinivasa Addepalli, chief strategy officer, Tata Communications.
“Trust is another factor which people look for financial transactions and Tata group does enjoy that trust which will give confidence to people to use Tata ATMs” he said during the presentation at press conference here.
On Tuesday Muthoot Finance, a gold loan company said it had received in principal approval from RBI to set up WLAs
Sunday, 30 June 2013
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