Current Affairs - Banking - Discussion

The Reserve Bank of India has eased business guidelines for white label ATMs by allowing companies that manage these machines to source cash directly from the central bank. sThe guidelines released by RBI include managing machines to source cash directly from RBI offices, offer non bank services like bill payment and advertise even non financial products in their premises.As per the statement, RBI has allowed the operators to source cash from any Scheduled banks in India including cooperative and rural banks.RBI allowed White Label ATM Operators (WLAO) to offer bill payment and deposit services depending on the technical feasibility of the device as determined by NPCI. The ATMs setup, owned and operated by non-bank Entities are called White Label ATMs (WLAs). They provide banking services to customers of banks based on the debit/credit/prepaid cards issued by banks.