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Muthoot Finance launches white-label ATM


Muthoot Finance launches white-label ATM
Kochi: Muthoot Finance on Thursday launched its first white-label ATM here and said it will open 9,000 such machines in the next three years. 

The Muthoot group company has partnered with FIS Payment Solutions & Services India, which will act as the technical partner for the project and Federal Bank Ltd, which is the sponsor bank for this venture, it said in a statement. 

A white-label ATM is similar to a normal bank ATM with facilities of cash withdrawal. Customers from any bank will be able to withdraw money from WLA, but will need to pay a fee for the services. The WLAs will not display logo of any particular bank and are likely to be located in non-traditional places.

Former Kerala Governor Nikhil Kumar inaugurated the ATM at a function here. 

Muthoot Group Chairman M G George Muthoot said they would be able to further empower their rural customers with the ATM services. 

"Foray into white-label ATMs is indeed a big step for Muthoot Finance and it only reiterates our commitment towards making finance easily accessible in the rural hinterland. 

"We have gone an extra mile by challenging ourselves to set up 9,000 WLAs within three years with first 100 ATMs in the month of March itself," Muthoot Finance Managing Director George Alexander Muthoot said. 

Muthoot Finance would see about 1,000 WLAs set up in the first year itself, followed by 2,000 in the second year and a significant increase by about 6,000 in the third year, he added.