TYPES OF ATM ( Automated Teller Machine ) White Label ATMs | Current Affairs in English

TYPES OF ATM ( Automated Teller Machine )

White Label ATMs (WLAs): ATMs set up, owned and operated by non-banks (i.e NBFCs) are WLAs. Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by RBI.

Green Label ATMs – ATMs for agricultural transactions.

Orange label ATMs – ATMs used for share transactions.

Pink Label ATMs – ATMs that are meant only for women (ease their banking).

Yellow Label ATMs – ATMs meant for E-commerce facility.

Brown Label ATMs – ATMs that are outsourced by a bank to a third party (based on the concept of sharing the cost).

Biometric ATMs – These are ATMs that use security features like fingerprint scanner and eye scanner of the customer to access the bank details.

Onsite ATMs – ATMs that are located inside the bank’s premises.

Offsite ATMs- ATMs that are located in various places except inside the bank’s premises.