Which of the following statements is are correct about white label ATMs 1 Minimum net worth for any ...........

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Which of the following statements is/are correct about white label ATMs?

1. Minimum net worth for any company to apply for white label ATM is Rs 100 crore.

2. Ministry of finance gives permission to open White Label ATM

Code:

1 only

2 only

Both 1 and 2

none of the above

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Explanation:

RBI give permission to open White label ATM in India. White Label ATMs (WLA) are very similar to ATMs in most of the process. However, acceptance of cash deposits at the WLAs is not permitted at present. At the White Label ATMs, we will not come across bank logo like that of SBI or ICICI Bank or any other scheduled bank. The logo displayed on the ATM machine will have the logo pertaining to WLA Operator instead of a bank.