RBI Grants White-Label ATM Licence to Mumbai-based EPS Company

Current Context: The Reserve Bank of India (RBI) has granted a white-label ATM licence to Electronic Payment and Services (EPS), a Mumbai-based company.

• This makes EPS the fifth white-label ATM operator in India, alongside Tata Communications Payment Solutions, India1 Payments, Hitachi Payment Services, and Vakrangee.
• The licence, issued on October 9, 2024, is the first in a decade and aims to expand ATM access, especially in semi-urban and rural areas.
• EPS plans to deploy 9,000 ATMs across the country within three years under the brand name EPS Bancs.

Question:

1 Which Mumbai-based company has recently been granted a white-label ATM license by the Reserve Bank of India (RBI)?

• A) Tata Communications Payment Solutions
• B) India1 Payments
• C) Vakrangee
• D) Electronic Payment and Services (EPS)

Answer: D) The RBI has granted the white-label ATM license to Electronic Payment and Services (EPS), making it the fifth operator in India.