White Label ATM

Regulator seeks to help people in having cash for small purchases though digital financial transactions are growing

Faced with a jump in costs and transaction failures, bank agents are demanding an upward revision of per-transaction charges to 1 per cent or Rs 21, whichever is lower

The Hitachi Money Spot UPI ATM is built on Android OS and will allow cardless cash withdrawals

Banks ask ATM operators to withdraw such notes from cash-dispensing machines

In addition to this, 27,837 White Label ATMs (WLA) were also installed by WLA operators up to September 2021

The RBI on Friday said it has imposed penalties totalling Rs 6 crore on four White Label ATM operators for deficiencies in regulatory compliance

MHA norms restrict cash movement in rural, semi-urban areas, which will hinder cash distribution, says an official of the Confederation of ATM Industry

Move to allow them to source cash directly from Mint Road comes as a big relief

The RBI also permitted WLA operators to source cash from any bank, including cooperatives and regional rural banks