Marking its foray into the ATM business, gold loan company Muthoot Finance on Tuesday launched its first-ever white-label Automated Teller Machine (ATM) in the Capital.
By end-March, the non-banking finance company will roll out 100 ATMs on a pan-India basis and ramp up its ATM network to 9,000 in three years, MG George Muthoot, Chairman, Muthoot Finance, told Business Line .
Muthoot Finance is expected to invest ₹300 crore for the ATM business, he added.
Of the planned 100 ATMs by end-March, as many as 50 will come up in the South.
Apart from rolling out ATMs in its gold loan branches, they will be located in its other business verticals, such as hotels, education and healthcare, and in public locations where the footfalls are high, he added.
Muthoot Finance has partnered with FIS Payment Solutions and Federal Bank (sponsor bank) for this white-label ATM venture.
“The white-label ATM foray will increase the visibility of our products. This venture will allow us to cross-sell many of our existing services to users of the ATM,” Muthoot said, adding that the NBFC’s imprint on the country's economic map will increase.
To identify locations (with high footfalls) where ATMs can be set up, the company has commissioned a national survey, Muthoot said.