Context:
Hitachi Payment Services has unveiled India’s first ever’ United Payments Interface (UPI) –ATM which is set-up as a White Label ATM (WLA) in association with National Payments Corporation of India (NPCI).
UPI-ATM will provide customers with unified and secure card-less cash withdrawals that allows users to withdraw cash from multiple accounts using the UPI app.
Types of ATMs:
White Label ATMs:
- Set up, owned and operated by non-banks
- Services offered – Banking services using debit/credit/prepaid cards issued by banks, account information, cash deposit, bill payment, mini statements, PIN change, and cheque book requests.
Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the RBI.
Brown Label ATM:
- Hardware and the lease of the machine are owned by a service provider
- Cash management and connectivity to banking networks are provided by a sponsor bank.
- They have the branding of the bank.
Orange Label ATM:
- They are mainly used by investors and traders for buying and selling stocks and securities.
- ATMs provided for share transactions.
Yellow Label ATM:
- Set up for the purpose of e-commerce.
- Mainly used by online shoppers and merchants for making payments and purchases.
Pink Label ATM:
- ATMs monitored by guards who ensure that only women access these ATMs.
Green Label ATM:
- ATMs are provided for agricultural transactions.
- They are mainly used by farmers and rural customers for various banking needs.
About NPCI:
- Purpose – For operating retail payments and settlement systems in India.
- An initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA)
- Act – Payment and Settlement Systems Act, 2007
- Aim – To create a robust Payment & Settlement Infrastructure in India.
- Incorporated as a “Not for Profit” Company under Companies Act 1956.
- Services Offered –Bharat Bill Payment Interface, Immediate Payment Service (IMPS), RuPay, BHIM, UPI etc.
Source: Economic Times
Previous Year Question
Which one of the following links all the ATMs in India?
[UPSC Civil Services Exam – 2018 Prelims]
(a) Indian Banks’ Association
(b) National Securities Depository Limited
(c) National Payments Corporation of India
(d) Reserve Bank of India
Answer: (c)
