Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

White Label ATM Operators Allowed to Source Cash Directly From Reserve Bank

The RBI also permitted WLA operators to source cash from any bank, including cooperatives and regional rural banks. WLAs are owned and operated by non-bank entities on behalf of the banks.

PTI

Updated:March 7, 2019, 11:48 PM IST
facebookTwitterskypewhatsapp
White Label ATM Operators Allowed to Source Cash Directly From Reserve Bank
Representative image
Loading...

Mumbai: The Reserve Bank on Thursday relaxed norms for white label ATM (WLA) operators and allowed them to buy wholesale cash directly from the central bank.

The RBI also permitted WLA operators to source cash from any bank, including cooperatives and regional rural banks. WLAs are owned and operated by non-bank entities on behalf of the banks.

On a review of operations of WLAs and representations received from stakeholders, as also to enhance the viability of WLAs, it has been decided to allow them to buy wholesale cash, above a threshold of 1 lakh pieces (and in multiples thereof) of any denomination, directly from the Reserve Bank and currency chests against full payment, the RBI said in a notification.

They are also being allowed to source cash from any scheduled bank, including cooperative banks and regional rural banks and to offer bill payment and Interoperable Cash Deposit services, subject to technical feasibility and certification by the National Payments Corporation of India (NPCI).

RBI has also allowed WLA operators to display advertisements pertaining to non-financial products or services anywhere within the WLA premises, including the ATM screen, except the main signboard.

"It shall be ensured that the advertisements running on the screen disappear once the customer commences a transaction," the RBI said.

Among others, the RBI has repealed its earlier order of permitting WLA operators to source cash from retail outlets.

"Further, banks may issue co-branded ATM cards in partnership with the authorised WLA operators and may extend the benefit of 'on-us' transactions to their WLAs as well," it added.

All guidelines, safeguards, standards and control measures applicable to banks relating to currency handling and cyber-security framework for ATMs shall also be applicable to the WLA operators, the RBI said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 54.10 -15.60
Maruti Suzuki 5,971.75 -2.02
Indiabulls Hsg 394.75 -5.84
ICICI Bank 386.60 -3.19
HDFC 1,974.60 -0.69
Company Price Change %Gain
Maruti Suzuki 5,938.30 -2.55
Yes Bank 54.15 -15.52
Tata Power 65.05 1.56
Indiabulls Hsg 395.15 -5.73
ICICI Bank 386.55 -3.16
Top Gainers
Company Price Change %Gain
Tata Motors 124.20 2.01
UPL 562.05 0.90
HDFC Bank 1,101.05 0.66
Bharti Airtel 337.60 0.60
Coal India 193.45 0.57
Company Price Change %Gain
Tata Motors 124.25 1.97
HDFC Bank 1,100.40 0.64
Bharti Airtel 337.70 0.58
Coal India 193.60 0.57
Asian Paints 1,554.35 0.40
Top Losers
Company Price Change %Gain
Yes Bank 54.10 -15.60
Zee Entertain 308.85 -7.92
Tata Steel 344.65 -3.80
IndusInd Bank 1,282.25 -3.62
ICICI Bank 386.60 -3.19
Company Price Change %Gain
Yes Bank 54.15 -15.52
IndusInd Bank 1,281.95 -3.59
Tata Steel 344.95 -3.66
ICICI Bank 386.55 -3.16
Reliance 1,178.70 -2.24

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results