India's first-ever white label ATM launched
Tata Communications Payment Solutions Ltd. (TCPSL), a subsidiary of Tata Communications, rolled out the first-ever white label Automated Teller Machines (ATMs) network in India under the brand Indicash. In 2012, the Reserve Bank of India declared that corporates who obtained a license for the same from RBI are allowed set up white label ATMs to increase the penetration of ATMs in different locations of the country.
The first Indicash ATM was inaugurated at Chandrapada, a village in Thane district. TCPSL said it will deploy 15,000 Indicash ATMs in three years, with nearly 67 percent of the ATMs to be deployed in semi-urban and rural areas, and the rest being distributed in metros and urban markets.
“Our goal is to rollout 15,000 ATMs by 2016. With Indicash, we will be going into far reaching geographies using our experience and expertise in navigating and optimising technologies, for challenging Indian conditions,” said Sanjeev Patel, CEO of TCPSL.
He mentioned that TCPSL will engage with national and regional banks to support its rollout plans. Toward this end, it has already tied up with Federal Bank, that is designated as a sponsor bank to take care of cash operations, dispute resolutions and regulatory reporting. The Indicash ATMs will be owned, operated and monitored by TCPSL.
Just like the bank ATMs, Indicash offers an array of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements and PIN change. These are dip machines with advanced security features said company officials.
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