The Reserve Bank of India extended the validity of authorization issued to __________ till 31 March 2023, to setup, own and operate the White Label ATMs?

The correct answer is Tata Communications.

Key Points

• The Reserve Bank of India (RBI) extended the validity of authorization issued to Tata Communications Payment Solutions Limited (TCPSL) till 31 March 2023.
• Tata Communications operates the Indicash network, which is India's first and largest network of white label ATMs.
• White Label ATMs (WLAs) are owned and operated by non-bank entities, providing ATM services to customers of various banks.
• The extension by RBI ensures uninterrupted access to ATM services in areas where bank ATMs are not prevalent.
• TCPSL has been a significant player in enhancing financial inclusion through its extensive network of WLAs across the country.

Additional Information

• White Label ATMs (WLAs)
  • These are ATMs set up, owned, and operated by non-bank entities.
  • WLAs provide ATM services to customers of all banks, thus enhancing financial inclusion.
  • They help in extending ATM reach to underbanked and unbanked areas.
• Financial Inclusion
  • It refers to providing access to financial services at affordable costs to sections of disadvantaged and low-income segments of society.
  • Financial inclusion aims to eliminate barriers and provide financial services to the underserved population.
• Reserve Bank of India (RBI)
  • It is the central bank of India, responsible for regulating the country's monetary policy and financial stability.
  • RBI also oversees the functioning of financial institutions and markets to ensure their integrity and efficiency.
• Tata Communications Payment Solutions Limited (TCPSL)
  • It is a wholly-owned subsidiary of Tata Communications Limited, focusing on payment solutions including WLAs.
  • TCPSL launched India's first white label ATM network under the brand name 'Indicash'.