Under the guidelines, non-bank entities incorporated in India under the Companies Act, 1956 will be permitted to set up, own and operate ATMs in India, RBI said in the statement. Till now, only banks were allowed to set up ATM and this is a move to spread delivery channels across the country.
Non-banking entities with a minimum networth of Rs 100 crore have been allowed to set up, own and operate money dispensing machines on behalf of banks. Services offered by this banks will be similar to ATMs and one can withdraw money with existing debit and crrdit cards.
Non-bank entities who are interested to set up WLAs under these guidelines may approach RBI for seeking specific authorisation within four months from the date of issuance of these guidelines, RBI said.
The RBI has proposed three schemes for the WLAs;
Under the first scheme
A minimum of 9,000 WLAs in a period of three years, minimum of 1000 WLAs to be installed in Year 1, minimum of twice the number of WLAs installed in Year 1 to be installed in year 2, and minimum of three times the number of WLAs installed in Year 2 to be installed in year 3.
Under the second scheme
An operator has to install a minimum of 5000 WLAs to be installed for three years.
Under the third scheme
Under the third option, an operator has to set up 25,000 WLAs in the first year and another 25,000 in the next two years.