BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Green label ATMs
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Blue label ATMs
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White label ATMs
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Brown label ATMs
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Detailed explanation-1: -White Label ATM means ATMs that are set up, owned and managed by companies other than banks. The Reserve Bank of India has allowed non-bank ATM operators under the Payment & Settlement Systems Act 2007 (RBI).
Detailed explanation-2: -2. What are White Label ATMs (WLAs)? Ans. ATMs set up, owned and operated by non-banks are called WLAs. Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
Detailed explanation-3: -White Label ATM – When ATMs are owned and operated by non-bank entities but they are not doing ‘outsourcing-contract’ from a particular bank. Brown Label ATM – When banks outsourced the ATM operations to a third party. Green Label ATM – ATM is provided for Agricultural Transaction.
Detailed explanation-4: -Facilities with White Label ATM Any customer belonging to any bank, can use it. Five transactions are free, Every month. Value added services like mobile recharge, utility bill payments etc.
Detailed explanation-5: -White-Label ATMs Automated Teller Machines (ATMs) set up, owned and operated by non-bank entities are called “White Label ATMs” (WLAs). Non-bank entities incorporated in India under the Companies Act 1956 are allowed to operate WLAs.