Consider the following statements about types of ATMs 1 Brown Label ATMs are those ATMs which s...........

Economic Affairs Digital Economy

Consider the following statements about types of ATMs

1. Brown Label ATMs are those ATMs which set up, owned and operated by non-bank entities.

2. White label ATMs are owned and maintained by service provider whereas the sponsor bank whose brand is used on ATM takes care of cash management and network connectivity.

Which of the statements given above is/are correct?

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

White Label ATMs are those ATMs which set up, owned and operated by non-bank entities incorporated under Companies Act 1956.Brown label ATMs are owned and maintained by service provider whereas the sponsor bank whose brand is used on ATM takes care of cash management and network connectivity