Muthoot to set up 9,000 white-label ATMs

The company plans to introduce loyalty programmes for the customers who will be using its ATMs

Muthoot Finance on Thursday launched its first white-label ATM here and said it will set up 9,000 such machines in the next three years.      

The Muthoot group company has partnered with FIS Payment Solutions & Services India, which will act as the technical partner for the project and Federal Bank Ltd, which is the sponsor bank for this venture, it said in a statement.      

A white-label ATM is similar to a normal bank ATM with facilities of cash withdrawal and balance enquiry.      

Former Kerala Governor Nikhil Kumar inaugurated the ATM at a function.      

Muthoot Group Chairman M G George Muthoot said they would be able to further empower their rural customers with the ATM services. "The foray into white-label ATMs is indeed a big step for Muthoot Finance and it only reiterates our commitment towards making finance easily accessible in the rural hinterland. "We (Muthoot Finance) have gone an extra mile by challenging ourselves to set up 9,000 WLAs within three years with first 100 ATMs in the month of March itself," said George Alexander Muthoot, managing director, Muthoot Finance said.     

Muthoot Finance would see about 1,000 WLAs set up in the first year itself, followed by 2,000 in the second year and a significant ramp up by about 6,000 in the third year, he added.