BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Owned and operated by non-banks
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ATM operators are authorized under Payment & Settlement Systems Act, 2007
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WLAs may offer many other services/facilities to bank customers
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All of the above
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Detailed explanation-1: -Typically, white label ATMs, or WLAs, are the ATMs set up and operated by a non-bank. As a customer, one can use these machines just as a regular ATM. WLAs offer debit card services such as cash withdrawal and enquiry.
Detailed explanation-2: -White Label ATMs are ATMs that are owned and operated by non-banking entities. ATMs operated under this business model allow customers to use them for banking transactions regardless of the bank they have an account with.
Detailed explanation-3: -The Correct answer is ATM set up by Non-Banks. White Label ATM: ATMs set up, owned, and operated by non-banks are called white label ATMs. They are authorized under the Payment and Settlement Systems Act, 2007, by the Reserve Bank of India.
Detailed explanation-4: -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.
Detailed explanation-5: -The first White Label ATM (owned by a non-bank entity) opened in Maharashtra today. Tata Communications Payments Solutions Ltd, a wholly owned subsidiary of Tata Communications Ltd, which unveiled the ATM at Chandrapada in Thane district, plans to roll out 15, 000 such ATMs by 2016.