Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
White labeled ATMs are set up by private non-bank companies that own and operate their own brand of ATMs.
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
Licence winners are expected to be announced by the first quarter of 2014.
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