What changed
The deadline for submitting applications to operate White Label ATMs in India has been pushed from an earlier date to January 15, 2013. This extension was granted in response to requests from entities with international ATM/WLA experience who needed additional time to obtain FIPB approval and raise their net worth to Rs. 100 crore.
What it means for you
Banks and ATM network operators should note that the window for new WLA entrants remains open until mid-January 2013, but the final compliance deadline for net worth and FIPB clearance is June 30, 2013. This gives prospective operators a clearer timeline, but also means existing players may face new competition once approvals are in place.
What you must do
- Inform your ATM operations team about the extended application deadline of January 15, 2013 for White Label ATMs.
- If your entity is applying, ensure net worth of Rs. 100 crore and/or FIPB approval are secured by June 30, 2013.
- Monitor RBI notifications for any further updates on WLA guidelines or processing timelines.
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 submitting White Label ATM applications?
The deadline has been extended to January 15, 2013, from an earlier date, as per RBI circular DPSS.CO.PD. No. 1067/02.10.002/2012-13.
What conditions must applicants meet by June 30, 2013?
Applicants must fulfill the net worth requirement of Rs. 100 crore and/or obtain FIPB approval by June 30, 2013, for their applications to be processed.