NPCI Current Affairs - 2019
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The Reserve Bank of India (RBI) has eased business guidelines for white label ATMs. These new guidelines increase the avenues of revenue earning for the white label ATMs.
What are White Label ATMs?
Automated Teller Machines (ATMs) set up, owned and operated by non-bank entities are called White Label ATMs. These White Label ATMs provide banking services to the customers of banks on the basis of the cards (debit/credit/prepaid) issued by banks. The non-bank entities which set up, own and operate ATMs are called White Label ATM Operators. Their role is confined to enabling the transactions of all banks customers by establishing technical connectivity with the existing authorized, shared ATM Network Operators or Card Payment Network Operators.
These White Label ATM operators are entitled to receive a fee from the banks for the use of ATM resources by the bank’s customers and they are not permitted to charge bank customer directly for the use of WLAs.
At present there are eight White Label ATM operators in the country – AGS Transact Technologies Ltd, BTI Payments Pvt Ltd, Hitachi Payment Services Pvt Ltd, Muthoot Finance Ltd, RiddiSiddhi Bullions Ltd, SREI Infrastructure Finance Ltd, Tata Communications Payment Solutions Ltd, and Vakrangee Ltd.
- The White Label ATM Operators are now allowed to buy wholesale cash, above a threshold of 1 lakh pieces (and in multiples thereof) of any denomination, directly from the Reserve Bank and currency chests against full payment.
- They are also allowed to source cash from any scheduled bank, including cooperative banks and regional rural banks.
- The White Label ATM Operators can also offer bill payment and Interoperable Cash Deposit services, subject to technical feasibility and certification by the National Payments Corporation of India (NPCI).
- The White Label ATM Operators can also display advertisements pertaining to non-financial products or services anywhere within the WLA premises, including the ATM screen, except the main signboard by ensuring that the advertisements running on the screen disappear once the customer commences a transaction.
- Banks can issue co-branded ATM cards in partnership with the authorised White Label ATM operators and may extend the benefit of ‘on-us’ transactions (where the customer or cardholder and ATM are of the same bank) to their WLAs as well.
RBI has stated that all guidelines, safeguards, standards, and control measures applicable to banks relating to currency handling and cyber-security framework for ATMs, shall also be applicable to WLA operators.
Tags: AGS Transact Technologies Ltd • BTI Payments Pvt Ltd • Hitachi Payment Services Pvt Ltd • Muthoot Finance Ltd • National Payments Corporation of India • NPCI • RBI • Reserve Bank of India • RiddiSiddhi Bullions Ltd • SREI Infrastructure Finance Ltd • Tata Communications Payment Solutions Ltd • Vakrangee Ltd. • White Label ATM Operators • White Label ATMs
Prime Minister Narendra Modi launched a National Common Mobility Card (NCMC), which can be used to make payments across public transport anywhere in the country, including Metro, bus and suburban railways, for toll and parking, and for retail like any credit or debit card.
National Common Mobility Card
- The National Common Mobility Card (NCMC) was envisaged as part of the National Urban Transport Policy (NUTP) in 2006 by the Ministry of Housing and Urban Affairs.
- Referred to as ”One Nation One Card”, this inter-operable transport card would allow the holders to pay for their bus travel, toll taxes, parking charges, retail shopping and even withdraw money.
- It runs as on RuPay card and automates the fare collection system. This eliminates the need to carry change and cash while travelling in the metro, bus or train, or for toll and parking.
- The gate and reader prototype for the NCMC has been developed by government-owned Bharat Electronics Limited (BEL) in compliance with the Make in India initiative.
- These cards would be issued by all public and private banks the same way credit, debit, and prepaid cards are issued.
- NCMC provides a value proposition for customers as they need not carry multiple cards for different usage and the super-quick, a contactless transaction will improve the seamless experience.
- A pilot project for the NCMC ecosystem on January 31 with the Delhi Metro Rail Corporation (DMRC).
- The first-level trials were successfully completed in collaboration with CDAC, BEL, National Payments Corporation of India (NPCI), and State Bank of India.
The NCMC was launched by the Prime Minister while inaugurating the first phase of the Ahmedabad metro train service.
Tags: Ahmedabad Metro Rail project • BEL • CDAC • Delhi Metro Rail Corporation • DMRC • Make in India • Ministry of Housing and Urban Affairs • National Common Mobility Card • National Payments Corporation of India • National Urban Transport Policy • NCMC • NPCI • One Nation One Card • RuPay card • SBI • State Bank of India