Google Wallet's India’s Arrival: Redefining Commuting on Kochi Metro

 Google Wallet Integration: Transforming Kochi Metro Commuting Experience

         A wonderful move by Kochi Metro to take the initiative and onboard Google Wallet. I am sure this will pave the way for other transport agencies to quickly onboard Google Wallet.

         In a move set to revolutionize the commuting experience for metro users, Google has forged a partnership with Kochi Metro Rail Limited (KMRL) to introduce digital ticketing options.

This collaborative effort between Google Wallet and KMRL promises a seamless and convenient way for commuters to access tickets and navigate the transit network.

The integration of services between Google Wallet and KMRL is made possible by Prudent Technologies, a leading player in communication services.

This partnership signifies a significant leap forward in enhancing the travel experience for metro users, as articulated by KMRL Managing Director, Loknath Behra.

Ram Papatla, GM & India Engineering Lead, Android at Google, highlighted the importance of this collaboration, marking a milestone in Android's journey in India.

The introduction of Google Wallet in India brings forth innovative and convenient experiences aimed at simplifying daily lives.

Geejo George, Director of Prudent Technologies, expressed enthusiasm about the integration, emphasizing its role in shaping the future of digital experiences. The collaboration between Google Wallet and KMRL represents a pivotal step towards revolutionizing digital interactions and fostering trust and convenience for consumers worldwide.

The launch event, held in Kochi, witnessed the unveiling of the new digital ticketing option for metro commuters. Mr.Loknath Behra, Managing Director – Kochi Metro underscored the significance of this integration, positioning Kochi Metro as a pioneer in adopting advanced digital solutions for commuter convenience.

The initiative reflects KMRL's commitment to providing a seamless and integrated public transport system for Kochi and its metropolitan region.

Looking ahead, the partnership aims to extend the digital ticketing solution to Kochi Water Metro, further enhancing the commuting experience for residents and visitors alike.

Digital Transformation: Kochi Metro Welcomes Google Wallet for Effortless Travel

 

*Kochi Metro: Pioneering Seamless Integration*

 

Kochi Metro's vision extends beyond providing efficient metro services; it aspires to integrate various modes of public transport seamlessly. With a common timetable, ticketing system, and centralized control, Kochi aims to become the first city in India with a fully integrated public transport network.

The Kochi Metro, inaugurated within four years of commencement, stands as a testament to rapid infrastructure development in India. Its commitment to innovation and efficiency is evident in partnerships like the one with Google, aiming to enhance the commuter experience and redefine urban mobility.

4 Benefits of the Google Wallet and Kochi Metro Collaboration

As Google Wallet joins forces with Kochi Metro Rail Limited (KMRL), commuters can anticipate a multitude of benefits that promise to elevate their travel experience.

Next-Level Commuting: Google Wallet Partners with Kochi Metro for Easy Travel

Here are four key advantages of this innovative tie-up:

Benefit 01: Diverse Ticketing Options

The integration of Google Wallet adds yet another layer of convenience to the ticketing process for Kochi Metro commuters. In addition to existing ticketing avenues such as Ticket Counters, ONDC Channel, Kochi Metro App, and WhatsApp, commuters now have the opportunity to choose from multiple options without the fear of system failures. This diverse range of ticketing avenues ensures a seamless and hassle-free experience for passengers, enhancing accessibility and convenience.

 

Benefit 02: Cashback Incentives

With Google Wallet's presence in the mix, Kochi Metro commuters stand to benefit from potential cashback offers. As Google Wallet introduces cashback options in India, commuters can seize the opportunity to earn rewards while utilizing the metro services. This incentivized approach not only adds value to the commuter experience but also encourages greater engagement with digital payment platforms, fostering a culture of convenience and rewards.

 

Benefit 03: Early Access to Google Wallet

Kochi Metro commuters have the exclusive privilege of being among the first to experience Google Wallet's debut in India. As Google Wallet makes its initial rollout in the country, commuters in Kochi have the opportunity to explore and familiarize themselves with the platform's features and functionalities. This early access not only enhances the commuter experience but also positions Kochi as a trailblazer in adopting cutting-edge digital solutions for urban mobility.

 

Benefit 04: Voice in Enhancing User Experience

By leveraging Google Wallet for their metro journeys, Kochi commuters have a platform to provide valuable feedback on usage. This feedback mechanism serves as a valuable resource for enhancing the overall user experience, not only for Kochi Metro users but also for Google Wallet users across India. Commuters' insights and suggestions play a crucial role in shaping future developments and improvements, ensuring that the digital ticketing experience continues to evolve in line with user needs and preferences.

In summary, the collaboration between Google Wallet and Kochi Metro presents commuters with a host of benefits ranging from enhanced convenience and rewards to early access to innovative digital solutions. As commuters embrace these advantages, they contribute to the ongoing evolution and refinement of the digital commuting landscape, setting the stage for a more seamless and enjoyable travel experience for all.

 

*About Geejo George and Prudent Technologies*

 

Geejo George, Founder Director of Prudent Technologies, boasts an impressive track record of developing and deploying groundbreaking projects. From pioneering e-governance initiatives to life-saving projects during natural disasters, Prudent Technologies continues to drive innovation and positive change in society.

 

As Kochi Metro continues its journey towards seamless integration and enhanced commuter experiences, partnerships like these pave the way for a more connected and convenient urban future.

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling ‘World Safe ePay Day’ and ‘Blouse Day’ Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

Enhancing UPI Experience: Razorpay and Airtel Payments Bank Introduce Instant Refunds

 

Razorpay and Airtel Payments Bank have come together to enhance your UPI experience.

         The major benefit as a front-end user is the promise of Instant Refund in case of technical failures.

         In brief technical failures mean where is no fault of either the sender or the receiver, but the receiver has not received the funds.

In such circumstances, both the receiver and sender will be eagerly waiting for the final status of the funds, either it should be in the receivers account or in the sender's account.

It is a painful feeling, if the funds are not in the receivers account or senders account and stuck elsewhere, and account holders frantically trying to retrieve them.

         Razorpay and Airtel Payments Bank highlight other technical features of the new UPI Switch.

         As an end user, what I am interested. Simple, the receiver should receive the funds within seconds. Or at the most, in case of any technical failures, the money should come back to my source accounts. That is all, nothing more, nothing much.

         All other features are not of important as an end user.

         In the ever-evolving landscape of digital payments in India, Razorpay and Airtel Payments Bank have joined forces to revolutionize the Unified Payments Interface (UPI) experience.

The introduction of instant refunds stands out as a significant enhancement for users, promising swift resolution in case of technical failures.

 

Imagine sending money through UPI, only to find it stuck in limbo due to unforeseen technical glitches. It's a scenario familiar to many, where neither the sender nor the receiver is at fault, yet the funds remain in transit.

With instant refunds, this frustration becomes a thing of the past. In the event of such technical hiccups, users can expect a prompt return of their funds to the source account, ensuring peace of mind and seamless transactions.

 

The collaboration between Razorpay and Airtel Payments Bank doesn't stop at instant refunds. Their new UPI Switch brings forth a myriad of technical features aimed at enhancing the overall payment experience.

However, what truly matters to end-users is simplicity and efficiency. The core expectation is clear: funds should reach the intended recipient within seconds, and if not, they should swiftly revert to the sender's account.

This emphasis on user-centric solutions underscores the commitment of both companies to prioritize customer satisfaction above all else.

 

Razorpay's UPI Switch represents a leap forward in payment infrastructure, boasting cloud-based innovation capable of handling up to 10,000 transactions per second. By partnering with Airtel Payments Bank, Razorpay aims to empower businesses with faster access to UPI innovations, thereby driving success rates up by 4-5%. The strategic alliance aligns with India's digital transformation journey, where UPI has emerged as the preferred payment method, constituting 70% of digital transactions.

         Ganesh Ananthanarayanan, COO of Airtel Payments Bank, emphasizes the collaboration's role in setting a new standard for business payments. As UPI transactions continue to surge, the partnership between Razorpay and Airtel Payments Bank embodies the vision of a digital India, where seamless, secure, and scalable payment solutions drive economic growth and inclusivity.

 

In conclusion, the synergy between Razorpay and Airtel Payments Bank heralds a new era of convenience and reliability in the realm of digital payments.

With instant refunds and a robust UPI infrastructure, users can navigate the digital landscape with confidence, knowing that their transactions are in safe hands.   

As India marches towards a cashless future, partnerships like this pave the way for innovation and progress in the fintech ecosystem.

              Read more details at @ https://razorpay.com/newsroom/razorpay-forays-into-building-upi-infrastructure-unveils-upi-switch-in-partnership-with-airtel-payments-bank-set-to-power-10000-transactions-per-second/

              Unable to locate Airtel Payment Bank Press Release on this subject

 

Disclaimer: These are my personal thoughts only. The bottom line is Spreading the Joy of Safe ePayments.

 

Safe and Stylish: Unveiling World SafeePay and Blouse Day Delights

 

The need for observing World SafeePay Day and World Blouse Day arises from the absence of dedicated global celebrations for these concepts.

World SafeePay Day aims to celebrate the joy of safe electronic payments in all financial transactions, representing an abstract celebration that highlights the significance of secure and efficient digital financial interactions.

As the world increasingly relies on electronic payment systems, having a designated day for SafeePay emphasizes the importance of secure and reliable digital financial transactions.

 

On the other hand, World Blouse Day seeks to celebrate the joys of wearing blouses in a more lively and visually impactful manner.

The concept involves a powerful display of togetherness, with millions of people stepping out wearing blouses based on a chosen theme.

This display celebration not only promotes a sense of unity but also serves as a unique and creative expression of shared identity through clothing.

 

The introduction of these days aligns with the United Nations' approach to designating specific days to raise awareness, promote action, and celebrate achievements related to various global issues.

While international days often focus on serious matters, World SafeePay Day and World Blouse Day offer a mix of abstract and lively celebrations, catering to the diverse interests and aspects of modern life.

In a world where electronic transactions and cultural expressions are integral parts of daily living, these designated days would contribute to fostering awareness and appreciation for safe ePayments and the joy of wearing blouses.

 

 

SafeePay's joy, transactions secure,

World Blouse Day, colors allure.

Digits dance, a digital delight,

Blouse themes bloom, in unity's light.

 

 

Full Preparations on for the 2nd and 4th Saturday Banking Holiday

          The customer facing timings in the Indian Banking Industry are for a major change. Adjustments to the new timings have to happen both from Banking Staff and Banking Customers end.

          All Banks in India whether such banks are included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934) will be closed on the Second and Fourth Saturday of every month.

          The effective date of this move is 1^st September 2015. The other Saturdays will be full working days.

The key changes envisaged as of now are: -

01)  Real Time Gross Settlement (RTGS) will be closed on 2^nd and 4^th Saturdays.

02) NEFT transactions will not take place on 2^nd and 4^th Saturdays.

03) NEFT will have the complete 11 Batches on remaining Saturdays.

04) Cheque Truncation System (CTS) clearing will be closed on 2^nd and 4^th Saturdays.

05) Locker Operations cannot be executed on 2^nd and 4^th Saturdays.

06) Cash Deposits and Cash Withdrawals through Bank tellers will not happen on 2^nd and 4^th Saturdays.

07) There will be pressure on ATMs for cash withdrawals.

08) In the initial couple of months, there will be a surge of customers on Monday’s, when banks open after continuous holidays.

09) There will be pressure on Phone Banking Team to resolve queries, which in the ordinary course, would have been resolved in physical branches.

10)  Banking staff will find time to engage in hobbies.

11)  The spending habits of banking staff will undergo change, as with additional holidays in hand, visits to cinema halls, malls etc will increase.

By now, all bank branches in India have put appropriate notices in the Display Boards. In the coming days, there would be full fledged awareness programs in all kinds of media. SMSs will start to flow in. Industry level advertisements are not yet planned.

         

Karnataka examination authority

KEA (Karnataka Examination Authority) – An experiment in ePayment

            The KEA is the nodal agency for conducting CET in Karnataka and also issues the Admission Order to enable the selected students to join the Professional colleges they have opted for.

            The normal procedure to remit the fees was through Demand Drafts or payment via challan in designated Bank branches. This year the Designated Bank Branch was Indian Bank, Malleswaram Branch.

            This year new ePayment options have been added. Students can pay their fees through

Net Banking/Debit Card/Credit Card

And

Challan Payment other than Indian Bank (Through NEFT / RTGS)

            The major drawback in the NEFT/RTGS mode is that the Sending Account Number and Name of the account holder would be of the student’s parent and not of the student. And, also due to communication gap, the Proper UTR number would not be uploaded in the KEA portal. As a result, the KEA officials could not map the NEFT/RTGS payments to the respective students.

            The major challenge in the Net Banking/Debit Card/Credit Card was the slow server response time and also that the limits in the credit cards were not sufficient for the fees amount. But, the main advantage was the ability to download the Admission Order immediately.

            15/07/2013 is the last day to remit the fees, and as such, the last few days were a harrowing time for the parents, students and also KEA officials. By 13/07/2013, most of the issues relating to ePayment mode were rectified. However, officials have promised to review the matter tomorrow.

            Additional reading material:

KEA detailed instructions

CET: e-payment system throws them into a tizzy

E-payment glitches March day 2 of CET admissions

eASBA Apply through your Banks internet banking module

           

eASBA - the facility of applying for Stock Market Issues through Bank’s internet banking module, is fast picking up.

eASBA is for Online Subscription of IPO/FPO by blocking one’s CASA account.

It’s a Safe, Secure and Convenient way

            The main advantage of eASBA over the physical ASBA is that the Bank customers can enjoy the benefits of ASBA without visiting any bank branch, to submit the physical application.

            The main advantage of eASBA for SCS Banks is that a part of Broker compensation can flow back to the bank, as payback charges.

ASBA eforms can be downloaded from the NSE site. However, in case of eASBA, the application form is already part of the internet banking module, and the bank customers have to click on the ‘I agree to the terms and conditions’, to proceed further.

The e-ASBA facility is user-friendly, simple, instant, secure and available 24x7. Normally, it is a self-service facility eligible for all net banking customers having transaction rights.

Majority of the banks allow applying online up to 4.00 PM on the issue closure day.

                        The main disadvantage of eASBA is that Rights Issues cannot be applied, as physical application issued by the company containing CAF number must be submitted to Bank.

            I am sure in the near future, a way will be found out, to apply for Rights Issues through eASBA.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Western Union Money Launch of Outward Remittance from India

            Readers are familiar with the Western Union Inward remittance facility.

This week, Western Union Business Solutions – Indian Office has announced a new service i.e Outward Remittance. Wait, don’t jump the gun, the new service is to l allow foreign universities and higher education institutions to accept tuition payments from Indian students in Indian rupees.

            The estimated market is 2lacs+ each year. This is the 2^nd largest market in the world after China.

            The process flow is simple: -

01) The fees can be remitted only by prospective students of participating schools and universities.

02)It will be offered by Weizmann Forex and Paul Merchants Ltd, the two largest Western Union agents in India. ,

03) Weizmann Forex and Paul Merchants Ltd have presence at over 500 locations across the country.

04)Students need to call a toll-free number and after updating the required information, request a for a house visit.

05)A trained representative of Western Union Agents i.e Paul Merchants or Weizmann Forex, will visit to complete the documentation.

06)On completion of the documentation, the INR will be collected and outward remittance to the student’s educational institution will be done.

Canara Bank to launch its eLounge services in Bangalore and Delhi

            One more public sector banks, has joined the eLounge bandwagon. The latest public sector bank is Canara Bank.

            Like all other PSB’s the eLounge is targeted at Metro customers only. Somewhere Indian Bankers think that only the Metro customers are only interested for eLounge facilities, and there is no demand in Semi-Urban, Tier I and Tier II cities.

            Banks would be surprised at the latent demand in non-metro cities. In metro cities, majority of the bank customers have access to secure computer access, through which they prefer to carry out their banking needs via the Banks net modules.

            Canara Bank’s  e-Lounge is one stop facility targeted at corporate, IT and business professionals depending on their needs.

Like other eLounges, Canara Bank eLounge also offers similar services viz

01) Services of ATM,

02)cash deposit kiosk,

03)check deposit kiosk,

04) pass book update,

05)internet banking terminal,

06)online trading terminal,

07)corporate web site terminal to offer latest information of bank’s services.

            The first e-Lounge facility will be inaugurated by bank’s Chairman and Managing Director R K Dubey, at Koramangala Branch, Bangalore.

            Yes, even in Metros if the facility is properly publicized, there is a fair chance that Bank Customers would make use of the varied facilities. Otherwise, it will be just another revenue guzzler. 

West Bengal State Cooperative Bank joins the RuPay Debit Card network.

             The account holders of cooperative banks are eager to embrace the latest banking technology in their routine banking activities.  Absence of an ATM Cards was a major drawback for the cooperative banks.

            With the launch of RuPay Card by NPCI, the cooperative banks had a chance to attract more SB accounts into their fold.

            In this regard, West Bengal State Cooperative Bank has taken the initiative to join the RuPay network,  as the first State Co-operative  Bank to take join the National level ATM (NFS) network of the country.

Dr Prakash Bakshi, Chairman of NABARD was in Kolkota to inaugurate this technology project during the last week of December.

            The major benefit will be to the customers of 17 District Central Cooperative Banks under their ambit, as the RuPay card can be issued by the respective district central cooperative banks to their customers.

            The bank was originally registered in 1918 as ‘The Bengal Provincial Co-op. Federation Ltd.’ It was renamed as the ‘The West Bengal State Cooperative Bank Limited’ in 1967.

As it is the number of ATM’s being opened in Tier II and Tier III towns is on the increase. The ATM’s should have a minimum of transactions to break-even. Hence the more the ATM Cards, the more chances of high transactions on  ATMs’.

Now file your Loan Applications online. Would you like to try?

One more step towards innovative customer service.

            Public Sector Banks in India, have been advised by Government of India-Ministry of Finance-Department of Financial Services vide Lr.No.F.No.11/17/2011-FI, to introduce the Online filing and tracking of Loan Applications.

            The major advantage of online filing is the increased transparency coupled with a tracking mechanism.

            As a pilot run, a group with officials drawn from Punjab National Bank, Allahabad Bank and Syndicate Bank was constituted to develop the necessary IT applications.

            The group developed and tested few IT applications in their respective banks. As the results were satisfactory, the online filing/tracking of loan applications was adopted by the above banks.

            As considerable work on development and implementation of these IT Applications was done by the Group, Department of Financial Services- MOF felt it would be better for all the PSB’s to adopt them, rather than develop on their own.

            This would lead to faster rollout of the online filing/tracking of loan applications and also the collective wisdom can lead to system efficiencies.

            Accordingly, PSB’s have been advised to integrate the IT Applications relating to online filing/tracking of loan applications with their bank’s system, by 31st August 2012. Banks may make the necessary modifications as required.

            A snapshot of loans for which online filing can be introduced are: -

Education Loan

MSME Loan

Vehicle Loan

Kisan credit card

Farm Mechanization loan

Dairy Development loan

Kalyani card

Housing Loan

Professional & Self Employed

Personal loan

            The bank customers to reduce the time in online filing should have all the required information and the scan copies of the documents, prior to the commencement of process in the respective banks website.

Once the application is filed successfully, the registration number will be displayed. Further tracking can be done on the basis of the registration number.

Bank of Baroda online Education Loan, Union Bank of India Education Loan, Syndicate Bank online Loans,

Directorate of Institutional Finance, Madhya Pradesh online loans, Allahabad Bank online MSME  Loan,

             

State Bank Of India – Branches will be open for Public up to 05.00 pm on 31/03/2012

State Bank of India, vide paper advertisements in leading Indian newspapers has informed that it's Bank Branches will be open for Public up to 05.00 pm on 31/03/2012 (Saturday)

Branches transacting Government business will remain open till late hours as per Reserve Bank of India (RBI) directives.

The Bank's esteemed customers are requested to complete their physical banking transactions will in time. Otherwise, they can transact their Banking Business via Alternate Channels, I.e ATM's, Internet Banking etc.

This move by SBI, should lead to similar advertisements by other Banks too, both Public Sector and Private Sector.

RBI releases Draft Guidelines for White Label Automated Teller Machines (WLAs) in India.

Q) What are White Label ATM's?

Ans) Do not worry, their will be labels on the ATM's stating the owner. The only difference is that the Owner will not be a Bank but non-bank entities.

Traditionally, Banks are owners of ATM's, but ATM's owned by non-bank entities are referred to as the White Label ATM's.

A a white label ATM is owned, run and maintained by a third-party service provider. There has a demand in India for introduction of White Label ATM's, as it was felt that this would speed up the ATM penetration in India, and reduce the load on the Banks.

The number of ATM's in Urban India is increasing day by day, but the same cannot be said in rural interiors.

Hence, to encourage non-bank entities to enter the ATM arena, Reserve Bank of India, has issued Draft Guidelines for White Label Automated Teller Machines (WLAs).

The top 20 highlights of this draft guidelines are:

1. Views/Comments by the public can be sent to Reserve Bank of India before 06/03/2012.
   
   
2. The views/comments can be sent by snail mail to the Chief General Manager, Reserve Bank of India, Department of Payment & Settlement Systems, Central Office, 14h floor, Central Office Building, Shahid Bhagat Singh Marg, Mumbai -400001 or can be emailed.
   
   
3. The interested Non-bank entities proposing to set up WLAs have to make an application to RBI for seeking authorization under the Payment and Settlement Systems Act 2007.
   
   
4. Such entities should have a minimum net worth of Rs. 100 crore at the time of making the application and on a continuing basis after issue of the requisite authorization.
   
   
5. To ensure that the ATM's are not concentrated only in Tier I & II centers, there will be annual targets in terms of the ratio of WLA between Tier I &II and Tier III-VI centers. These targets will be stipulated by Reserve Bank of India.
   
   
6. Initially, only the Cards issued by banks would be permitted to be used at the WLAs.
   
   
7. Cash Deposits, as of now, will not be permitted.
   
   
8. The WLA Operator will be the "acquirer" for all transactions at the WLA and earn his fee accordingly.
   
   
9. To decrease his operating costs, the WLA Operator would be permitted to earn extra revenue through advertisement and by offering value added services. Naturazlly, such advertisements would be subject to Advertising Standards Council of India (ASCI) codes and other regulations. The other regulations might be that there should no advertisement between the keying of the Password and disbursement of the cash.
   
   
10. Regulatory guidelines relating to compensation for failed ATM transactions would apply to transactions at WLAs.
    
    
11. Prior Authorization of RBI under the Payment and Settlement Systems Act, 2007, is required by the WLA Operator, to commence its operations.
    
    
12. Each WLA Operator shall have one “Sponsor Bank” , who will serve as the Settlement Bank for the settlement of all the service transactions at the WLAs. The Sponsor Bank should be a member of one of the ATM networks authorized by the RBI and also be a member of the RTGS.
    
    
13. Cash Management of the WLAs shall be entrusted to the Sponsor Bank, who may have necessary arrangements in this regard with other banks for servicing cash requirements at various places. At no point of time, the WLA Operator or his agents shall have access to the cash at the WLAs.
    
    
14. Settlement of all the transactions at the ATMs shall be done only in the books of the Sponsor Bank through the ATM Network with whom the WLA Operator has established connectivity.
    
    
15. Maintenance and servicing of the WLAs shall be the sole responsibility of the WLA Operator.
    
    
16. Customer Grievance Redressal : The primary responsibility to redress grievance of customers relating to failed ATM transactions will vest with the Issuing Bank,. However, the Sponsor Bank will provide necessary support in this regard, including making available relevant records and information, to the Issuing Bank. For this purpose, the Sponsor Bank should have necessary arrangement with the WLA Operator.
    
    
17. The extant directives of the RBI on the time-lines for resolution of complaints of failed ATM transactions would also apply to transactions at the WLAs. For delay in resolution of such complaints attributable to the Sponsor Bank or the WLA Operator resulting in payment of penalty to the customer by the Issuing Bank in terms of the directives of RBI, the Issuing Bank shall be compensated by the Sponsor Bank. The Sponsor Bank may have appropriate agreements with the WLA Operator for recovery of such amounts.
    
    
18. ATM Network Operators will offer direct connectivity to the WLA Operator to facilitate transactions at the WLA and the settlement thereof after seeking requisite approvals from the RBI.
    
    
19. The above step bring the WLA Operator under the ambit of the Network’s Operating Guidelines and the Dispute Resolution Mechanism put in place in accordance with the extant directives of the Reserve Bank of India.
    
    
20. A Tripartite Service Level Agreement between 01) The ATM Network Operator, 02) the WLA Operator and 03) the Sponsor Bank will be requied to address issues relating to inter-bank settlement of the transactions at the WLAs and settlement of customer complaints relating to failed ATM transactions. The SLAs should clearly spell out the role of each party.

To reduce the instances of counterfeit currency entering the system, the cash handling responsibility is of the Sponsor Bank. RBI is clear that at no point of time, the WLA operator or his agents, shall have access to the cash at the WLAs.

Internationally, retailers that own white label ATMs, and not banks, load cash into the machines.