Consider the following statements about the White label ATMs:

  1. These are generally owned and operated by non-bank entities 
  2. White label companies do not require license from RBI to run the business

 Which of the above statements is/are correct?

Answer: [A] 1 Only

First statement is correct. Second statement is incorrect because White label companies have to separately get license from RBI to run the business. Sponsor bank provides the cash in case of white label companies, but the white label companies do not have any logo, not even of sponsor bank.

This question is a part of GKToday's Integrated IAS General Studies Module