Question
Download Solution PDFWhich was the first company to get licence by the RBI to open White Label ATMS?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct option is option ( 1 ) i.e TCPSL
- TCPSL is Tata communications payment solutions limited was the first company to get a licence from RBI to open WLA ATM in India in Mumbai.
- White Label ATM (WLA) is established and run by NBFC(Non-Banking Financial Company).
- Non-banking entities which formed under Companies act 1956 can open White Label ATMs.
- Such non-banking entities should have a net worth of 100 crores.
- WLA is like a normal ATM but cash deposit is not a feature of WLA.
- The purpose to open WLA is to expand the geographical area of availability of ATMs.
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