Muthoot to set up 250 white label ATMs

In the next three months, Muthoot Finance is to set up 250 white label ATMs in the country. The company is a leading gold financing company. The Reserve Bank of India (RBI), last year, allowed non-banking entities to set up white label ATMs without carrying any brand label of any bank. These ATMs could be used by any bank customers without paying any charge.

Muthoot said that it has got in-principle approval from the RBI to set up the ATMs. The firm has identified locations in two states and intends to operationalise 250 ATMs by December, it said. The company has identified locations in Delhi and Kerala to begin with, he said, adding that the total number of ATMs would go up to 1,000 by the end of September next year.

Muthoot has plans to roll out different models of ATMs such as through the wall ATMs, drive-in ATMs, Mini-ATMs and moving ATMs to name a few. These ATMs will be deployed at public locations like bus-depots, shopping malls, educational institutions, offices, small kirana stores, cinemas, public parks and even at own branches of the company, the firm said.