The Reserve Bank of India has granted a White Label ATM (WLA) license to Vakrangee Softwares, a Mumbai-based e-governance solutions, system integration and enterprise solutions provider.
Under the license, Vakrangee can establish and run around 15,000 ATMs across the country for the next three years.
The WLAs are the ATMs that are not operated by banks but are managed by a non-banking enterprise with its own brand name. These ATMs have all functionalities similar to those run by banks.
The WLAs have to pass through all the strict qualifications and due-diligence process undertaken by the Reserve Bank of India.
Vakrangee aims to deploy its ATMs in sub tier-III cities or towns, which have more potential for growth.