1. An ATM is an electronic machine that provides a facility for the customer to do cash withdrawal, fund transfer, utility payments, and other non-financial transactions.
2. ATMs owned and maintained by Non-banking entities are called White Label ATMs. They are approved by RBI under the Payment and Settlements Act 2007. They will provide banking services to the customers of banks in India, based on the cards issued by banks.
3. White label ATMs need to establish technical connectivity with the existing authorized ATM network operators and card payment network operators.
4. White Label ATM Operators shall be permitted to display advertisements for financial products. Recently they are allowed to display non-financial products/ services also.
4. On – Us transactions: Transactions are carried out at an ATM of card issuing bank is called On-Us transaction. Off-Us transactions: Transitions are carried out at an ATM of the bank other than card issuing bank or White Label ATMs are called Off-Us transactions
5. WLAO can source cash from any scheduled bank including cooperative banks and regional rural banks
6. WLAs can offer bill payment and interoperable cash deposit services subject to technical feasibility and certification by NPCI