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.
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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.
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