Tata to install 1,000 white label ATMs in Karnataka

Tata Communications Payment Solutions Limited (TCPSL), a subsidiary of Tata Communications (TCL), plans to deploy 1,000 white label ATMs in Karnataka over the next three years including 90 in Bangalore, under the brand name "Indicash". The CEO of TCPSL, Sanjeev Patel, while sharing the information with reporters here on Thursday, said, "Overall, we plan to roll out 15,000 Indicash ATMs over the next three years across India." Its partner for these ATMs is Federal Bank, which will take care of cash operations, reporting and dispute resolutions. The first five transactions every month at these ATMs will be free of cost. The capital investment for deploying an ATM is about Rs 5 lakh, while the operating costs are in the range of Rs 30,000 to Rs 50,000 per month, Patel said. TCPSL got licence from the RBI under scheme "B" to deploy white label ATMs, under which it has to install 5,000 such ATMs each year for three years. TCPSL currently operates about 27,000 (conventional) ATMs across India for 37 banks, Patel added.   Deccan Herald