RBI Allows White Label ATMs To Source Cash From Retailers
The Reserve Bank on Friday allowed White Label ATM Operators (WLAOs) to source cash from retail outlets as they are facing difficulties in getting cash from banks post the demonetisation.
Following the government's currency purge, most white label ATMs are running dry.
RBI said that it has been brought to its notice that WLAOs are having difficulties in sourcing cash from their sponsor bank(s).
In order to facilitate cash availability for WLAOs, it has been decided to allow them to source cash from retail outlets...RBI Notification
White label ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
For this, WLAOs will have to enter into bilateral arrangement with retail outlets from where they desire to source cash based on their board-approved policy.
Sixty percent of the cash sourced using such arrangement(s) shall be dispensed through WLAs located in rural and semi-urban areas.RBI Notification
Also, WLAOs will be solely responsible for the quality and genuineness of currency notes dispensed through their ATMs.
Only ATM-fit notes shall be used for this purpose.
As per the notification, liability and disputes, if any, arising out of arrangements with retail outlets will be the responsibility of WLAOs.
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