The first ATM owned by a non-bank entity opened in Maharashtra recently. Tata Communications Payments Solutions Ltd unveiled the ATM in Thane. The company plans to open 15,000 such ATMs by 2016 in the entire country.
The company launched its first atm under its project Indicash. It is a result of RBI’s vision to increase ATM penetration across India.
Indicash was designed based on consumer research conducted by Tata Comm Payments that showed cards being drawn back by the machines, short dispensation of cash, lack of privacy etc as some of the prime concerns of customers mainly in tier 3-6 locations.
The company said it plans to deploy 15,000 Indicash ATMs in three years, with 67 per cent of them in semi-urban and rural locations while the rest would be installed in metro and urban markets. In the second phase of the roll out, the customers would be offered value-added and utility services and the company would liaise with national and regional banks in its roll out plans.
The RBI specified that the non-bank entities wanting to set up ATMs should have a minimum net worth of Rs 100 crore.