Tata Communications Payment Solutions Ltd. (TCPSL) launched the white label Automated Teller Machines (ATMs) network on 20 March 2014 under the brand name of Indicash. The first Indicash ATM was inaugurated at Chandrapada in Thane district.
TCPSL has tied up with Federal Bank, which has been designated as a sponsor bank of care of cash operations, dispute resolutions and regulatory reporting. The Indicash ATMs will be owned and operated by the TCPSL.
TCPSL will deploy 15000 Indicash ATMs by 2016. Out of this 67 percent of the Indicash ATMs will be deployed in semi-urban and rural areas, and the rest in urban areas.
About White Label ATM
White Label ATM will be owned and operated by Non Bank entities. From such White Label ATM customer from any bank will be able to withdraw money, but will need to pay a fee for the services.
The white label ATMs will not display logo of any particular bank and are likely to be located in non-traditional places.
TCPSL is a subsidiary of Tata Communications which received licence when RBI allowed corporate to set up white label ATMs to increase the penetration of ATMs in India in 2013.
When: 20 March 2014