What changed
The original June 20, 2012 circular required WLA operators to apply for RBI authorisation within four months, i.e., by around October 20, 2012. This circular extends that deadline to December 31, 2012, providing additional time for submissions.
What it means for you
Banks and ATM network operators have a longer window to finalise their WLA applications, reducing immediate compliance pressure. This extension may encourage more players to enter the WLA space, potentially expanding ATM reach in underserved areas. Lenders should note the new cutoff for planning any WLA-related partnerships or investments.
What you must do
- Ensure any WLA authorisation applications are submitted to RBI by December 31, 2012.
- Review the June 20, 2012 guidelines to confirm all requirements are met before applying.
- Coordinate with authorised ATM network operators or card payment network operators if partnering for WLA operations.
Who it affects
All Scheduled Commercial Banks including RRBs, Urban Co-operative Banks, State Co-operative Banks, District Central Co-operative Banks, Authorised ATM Network Operators, Card Payment Network Operators, Prospective White Label ATM Operators
What is the new deadline for WLA authorisation applications?
The last date for submission of applications has been extended to December 31, 2012.
Who needs to apply for this authorisation?
Prospective White Label ATM operators, as per the guidelines issued on June 20, 2012.