Which of the following statements is are correct about the White Label ATM Operators quot WLAO 1 The...........

Economic Affairs Types of Banks and Banking

Which of the following statements is/are correct about the White Label ATM Operators" (WLAO)?

1.They are set up, owned and operated by non-banking entities.

2.'Indicash' is the first company authorized by Reserve Bank of India (RBI) to open White Label ATMs in the country.

3.WLAOs are confined to acquisition of transactions of all banks' customers by establishing technical connectivity with authorized ATM network operators.

Select the correct answer using the codes given below:

1 only

2 and 3 only

3 only

1, 2 and 3

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Explanation:

1, 2 and 3

The statement "They are set up, owned and operated by non-banking entities" is correct. White Label ATMs (WLAs) are ATMs set up, owned, and operated by non-banking entities. These entities are authorized by the Reserve Bank of India (RBI) to operate ATMs.

The statement "'Indicash' is the first company authorized by Reserve Bank of India (RBI) to open White Label ATMs in the country" is correct. 'Indicash' was the first company authorized by the RBI to operate White Label ATMs in India.

The statement "WLAOs are confined to acquisition of transactions of all banks' customers by establishing technical connectivity with authorized ATM network operators" is correct. White Label ATM Operators (WLAOs) are allowed to acquire transactions from customers of all banks by establishing technical connectivity with the authorized ATM network operators.

Therefore, the correct answer is 4 - 1, 2 and 3.

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