White Label ATM
PAN is an electronic system through which, all tax related information for a person/company is recorded against a single PAN number. This acts as the primary key for storage of information and is shared across the country. Hence no two tax paying entities can have the same PAN.
Background and Objectives
Automated Teller Machines (ATMs) provide the facility of accessing depositor’s accounts for dispensing cash and to carry out other financial and non-financial transactions without the need for actually visiting their bank branch. ATMs have expanded the scope of banking to anytime, anywhere banking through interoperable platforms. Cards issued by one bank can be operated through the ATMs set up by other banks.
Prior to WLAs only banks were permitted by the Reserve Bank of India (RBI), to set up ATMs. leveraged for. While, there has been around 23-25% year-on-year growth in the number of ATMs.