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Friday, March 30, 2012

Installation of ATMs

 Reserve Bank of India (RBI) has decided to permit non-bank entities to setup, own and operate ATMs. The draft guidelines on deployment of White Label ATMs were placed on RBI website for public comments till March 6, 2012. The reasons for permitting non-bank entities to set up ATMs are the following:
(i) ATM penetration on a per capita basis in the country is less as compared to other countries.
(ii) Less presence of ATM in Tier III to VI areas of the country.
(iii) This initiative will boost the financial inclusion process.
According to the draft guidelines, while the primary responsibility to redress grievances of customers relating to failed ATM transactions would vest with the issuing bank, the sponsor bank will provide necessary support in this regard, including making available necessary records and information to the issuing bank. For this purpose, the sponsor bank should have necessary arrangements with the White Label ATM operator.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Lok Sabha today.
Source : PIB Release, March 30, 2012

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