Finance Ministry has asked the Reserve Bank of India to allow common ATMs that will be owned and managed by non-banking entities, hoping to cut transaction costs for banks. Such ATMs are known as_____________.

Black Label ATMs

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Offsite ATMs

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On-site ATM's or Red ATMs

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White Label ATMs

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Solution

The correct option is D White Label ATMs
Finance Ministry has asked the Reserve Bank of India to allow common ATMs that will be owned and managed by non-banking entities, hoping to cut transaction costs for banks. Such ATMs are known as White Label ATMs. They are operated by non-banking entities. They provide services to Indian banks' customers. Their services are based on the cards like, debit card, credit card, etc.

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Similar questions

Union Cabinet has improved FDI norms in white label ATMs. Consider the following statements in this regard-

A.Union Cabinet approved 100 percent FDI in white label ATMs through FIPB route.

B. White label ATMs are those that are being set up by non-bank entities.

C. The change in the policy guidelines is primarily aimed at extending the financial inclusion principal even to the Tier III to VI cities across the country.

Which of the statements given above is/are correct?

Q. As per the notification issued by the banks, the "third party ATM usage" will now be restricted to certain withdrawals and limits only. What does it really mean?
A. The ATM cardholders will not be able to withdraw from other banks ATMs under any circumstances.
B. Customers of one bank may be able to withdraw only a limited amount from other banks ATMs.
C. ATM card holders will have to pay a fee if they withdraw money from other banks ATMs frequently.

Q. White label ATMs are managed by private institutions

Q. Which of the following pairs is/ are correctly matched?Term Definition
1. Orange Label ATM ATM for women banking
2. White Label ATM ATM Provided by NBFC (Non-Banking Financial Company)
3. Yellow Label ATM ATM provided for E- commerce

निम्नलिखित में से कौन से युग्म सही सुमेलित हैँ?
शब्द परिभाषा
1. ऑरेंज लेबल एटीएम महिला बैंकिंग हेतु
2. व्हाइट लेबल एटीएम गैर-बैंकिंग वित्तीय हेतु
3. येलो लेबल एटीएम ई-कॉमर्स हेतु
नीचे दिए गए कूट का उपयोग करके सही उत्तर चुनें:

Q. From which date have all Banks started sharing their ATM free of cost for transactions?

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