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RBI Awards White-Label ATM License to Mumbai-based EPS Company.

Banking & Finance | Dated: 17 Oct 2024

The Reserve Bank of India (RBI) has granted a White Label Automated Teller Machine (ATM) License (WLA) to Mumbai-based Electronic Payment and Services Limited (EPS), marking the first such issuance in 10 years. EPS is a privately-owned ATM outsourcing company.

🎯 Key Highlights:

  • - The license has been issued under the Payment and Settlement Systems (PSS) Act, 2007, with the main goal of expanding ATM networks in rural and semi-urban areas of India.
  • - With this license, EPS becomes the fifth company authorized to operate White Label ATMs in India.
  • - EPS aims to deploy 9,000 White Label ATMs nationwide within the first three years under the brand name "EPS Bancs."

💡 Other Important Facts:

  • (i) White Label ATMs are owned and managed exclusively by non-bank entities, such as Non-Banking Financial Companies (NBFCs), and are accessible to customers of any bank.
  • (ii) Currently, there are four companies operating White Label ATMs (WLAs) in India: Hitachi Payment Services Private Limited, Tata Communications Payment Solutions Limited (TCPSL), India1 Payments Limited (BTI Payments Private Limited), and Vakrangee Limited.
  • (iii) TCPSL launched India's first White Label ATM, branded "Indicash," in Chandrapada, a small village in Thane district, Maharashtra, on June 27, 2013.

📚 Test Your Knowledge:

Which organization recently granted a White-Label ATM license to Mumbai-based EPS Company?

Correct Answer: RBI

🚀 Quick Recap:

Electronic Payment and Services Limited (EPS)

  • CMD - Mani Mamallan
  • Headquarter : Mumbai