Muthoot Finance got in-principal approval from the Reserve Bank of India (RBI) for establishing and operating White Label ATMs (WLAs). The WLAs are the ATMs which are not owned and operated by the bank but by a non-bank entity.
By paying a stipulated fee, anyone can use it for the purpose of financial transaction with any bank branch. As the part of RBI’s Scheme A, Muthoot decided to establish 9,000 ATMs. According to this scheme, Muthoot Finance will establish 1,000 ATMs in first year, 2,000 in second year and 6,000 in third year.
The company has already begun the process of identification of sponsor banks. Besides this, the company has also decided to finalise the network of ATMs all over India. RBI decided to have more WLAs in tier-III to tier-VI centres of Muthoot Finance.
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