Reserve Bank of India vide. Lr.Dt. 26 May 2014 informed to the public at large that it has issued a Certificate of Authorization to BTI Payments Pvt.Ltd., Bangalore to set up and operate White Label ATMs in India.
The first set of guidelines for setting up WLAs in India was issued by RBI on June 20, 2012.
In June 2031, BTI Payments received the clearance from Foreign Investment Promotion Board (FIBP) for capital infusion of Rs108.50 from its parent company, through the Foreign Direct Investment (FDI) mode. The funds were to roll out the White Label ATMs in India.
Another INR140 crores was invested by ICICI Venture, the alternative asset management arm of ICICI Bank in BTI Payments.
In the next three years, BTI Payments has to roll out 9000 ATMs across India. The first ATM has been installed at Gubbi in Tumkur district of Karnataka. The company has launched two such ATMs (ATM in a shop) in Tiptur and Arsikere in Tumkur district.
The marketing strategy of BTI Payments is ‘ATM IN A SHOP’. It plans to locate its ATMs in or nearby kirana shops. Kriana shops are Mom & Pop stores which dot India.