Muthoot Finance Ltd has received an in-principle authorisation from the Reserve Bank of India for roll out of 9,000 white-label ATMs in three years.
As per the company’s business plan, as many as 1,000 ATMs will be rolled out in the first year, 2,000 ATMs in the second year and 6,000 in the third year, K. R. Bijimon, Chief General Manager, Muthoot Finance, told Business Line here.
Most of the 1,000 ATMs (in the first year) will be located in the South in and around branches of Muthoot Finance, Bijimon said. Muthoot Finance is yet to finalise the technology partner or the sponsor bank for this new business initiative.