Tata Communications Payment Solutions Ltd. (TCPSL), a subsidiary of Tata Communications, on Thursday, rolled out the first-ever white label Automated Teller Machines (ATMs) network under the brand Indicash.
Last year, the Reserve Bank of India , had allowed corporates to set up white label ATMs to increase the penetration of ATMs in several areas of the country.
TCPSL, among others, had bagged a licence for the same.
The first Indicash ATM was inaugurated at Chandrapada, a rural village in Thane district near here, on Thursday in the presence of senior RBI officials. TCPSL will deploy 15,000 Indicash ATMs in three years. Nearly 67 per cent of the ATMs will be deployed in semi-urban and rural areas, and the balance in metro and urban markets.
TCPSL will engage with national and regional banks to support its rollout plansIn this front, the company has tied up with Federal Bank, which has been designated as a sponsor bank to take care of cash operations, dispute resolutions and regulatory reporting. The Indicash ATMs will be owned, operated and guarded by TCPSL.
Like most other bank ATMs, Indicash offers a host of cash and non-cash services such as cash withdrawals, balance enquiries, mini-statements and PIN change.
It will accept all domestic debit cards with the first five transactions a month being free, in line with RBI regulations for use of ‘Other Bank ATMs’.
The Indicash ATMs have been designed to eliminate several concerns of cardholders. The Indicash machines are Dip machines, which cannot swallow cards.
“Our goal is to rollout 50,000 ATMs by 2016. With Indicash, we will be going into far reaching geographies using our experience and expertise in navigating and optimising technologies, for challenging Indian conditions,” said TCPSL CEO Sanjeev Patel.