RBI eases rules for white label ATMs | Daily Current Affairs 2021

RBI eases rules for white label ATMs

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The Reserve Bank of India has allowed operators of white label Automated Teller Machines (ATMs) to accept international credit, debit and prepaid cards. It also also eased rules for cash supply tie-ups at these.

A while label ATM (WLA) is operated by a non-bank entity; customers from any bank may withdraw money from these, for a fee. Further on the new rules, WLA operators will have an option to provide facilities for Dynamic Currency Conversion for international cards. The currency conversion rate can be only had from authorised banks, RBI said. The conversion will be restricted to the amount requested by the international cardholder to his home currency.

Also, WLA operators will now have the freedom to tie-up with other commercial banks for cash supply at their ATMs. Earlier, operators had to link only with sponsor banks for cash supply. Operators can enter into service agreements with the supplier bank for adequate supply of genuine and good quality notes.

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