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Muthoot Finance voluntarily surrenders white label ATM license

White label ATMs are set up, owned, and operated by non-bank entities.

November 01, 2021 / 03:50 PM IST
Representative image

Representative image

Gold loan non-banking finance company, Muthoot Finance has voluntarily surrendered its certificate of authorisation (CoA) for setting up, owning, and operating white label ATMs (automated teller machine).

RBI in a release said, following the cancellation of the CoA, the company cannot transact the business of setting up, owning, and operating white label ATMs.

White label ATMs are set up, owned, and operated by non-bank entities.

Similarly, three entities DigitSecure India, Kedia Infotech, and Oxigen Services have voluntarily surrendered their prepaid payment instruments (PPI) license.

RBI said following the cancellation of the CoA, these companies cannot transact the business of issuance and operation of PPI.

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However, customers or merchants having a valid claim on either of these payment system operators can approach them for settlement of their claims within three years from the date of cancellation.
Moneycontrol News
first published: Nov 1, 2021 03:50 pm

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