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UpNext: bank-neutral, independent ATMs

Soon you may never have to shell out more for withdrawing money from the ATM (automated teller machines) of another bank. Sachin Kumar reports.

india Updated: Jul 06, 2013 01:00 IST
Sachin Kumar
Sachin Kumar
Hindustan Times

Soon you may never have to shell out more for withdrawing money from the ATM (automated teller machines) of another bank.

Companies including Tata Communications Payment Solutions, Muthoot Finance and SREI Infrastructure have firmed up plans to install white label ATMs across India. Such machines are bank neutral and can be used by customers of any bank.

The Reserve Bank of India last year allowed non-banking companies to deploy white-label ATMs to increase ATM penetration in rural and semi-urban areas.

http://www.hindustantimes.com/Images/Popup/2013/7/06-07-biz2.jpg

“Total number of ATMs in India is expected to be around 200,000 by 2016,” said Sanjeev Patel, CEO, Tata Communications Payment Solutions. “We plan to install 15,000 white label ATMs by 2016.” The company installed its first white label ATM in Thane last week.

“We plan to install 9,000 white label ATMs in three years,” said KR Bijimon, chief general manager, Muthoot Finance.

“Most of our ATMs will be installed in rural areas having a population of less than 10,000,” said Hemant Kanoria, CMD, SREI Infrastructure Finance.

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