Indian company to install 15,000 ATMs in the next 3 years

Thursday, October 31, 2013

The Tata group company, Tata Communications Payment Solution, has got RBI clearance to instal 15,000 ATMs in the next three years in India, two-third of which will be in smaller towns. It said it will roll out three machines in the rural belt and 17 in semi-urban districts for every 10 machines installed in bigger cities, in line with the country’s financial inclusion agenda. The group has installed 400 machines so far.

The least-banked districts are priority for the Tatas, which is pushing for cash delivery through white-label ATMs, which are not owned and operated by any bank. The Reserve Bank of India has permitted non-banking companies to deploy white-label ATMs, allowing customers to withdraw cash from these machines using debit cards of any bank, in an effort to reach out to the deepest pockets of the country.

Source: The Economic Times (link opens in a new window)

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cash, financial inclusion