However, the proposed model, the white-label ATM model would allow non-banking companies to set up and run their own ATMs, under a pact with a sponsor bank and a network provider.
IDBI Bank, UTI Bank, Citibank and Standard Chartered Bank on Wednesday came together to launch an independent shared automatic teller machine network, covering six million cardholders in 100 cities of India.
The new requirements include a shift to cassette swap system, mandate armed guards while transferring money as well as a host of other measures that would require huge investments.
The cash crunch following demonetisation and transaction fees that do not cover costs are among the reasons why the sector is struggling.
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