No prior license needed for setting up off site ATMs
As a major relief to the banks who were planning to expand their ATM network but were caught in the red tapism, today RBI announced the removal of need to obtain prior license for this purpose.
The lifting of licensing requirement for opening off site ATMs (automated teller machines) by the Reserve Bank of India could provide an opportunity to foreign banks to expand their presence in India at a time when the roadmap for the expansion of bank branches has been put on hold.
Bankers and banking experts say that foreign banks may use the ATM route to expand their business across the country.
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