Which of the following bodies is legally empowered to issue licenses to set up 'White Label ATMs (WLAs)' in India under the Payment and Settlement Systems Act, 2007?

💡 Solution & Explanation

White Label ATMs are owned and operated by non-banking financial entities, but they derive their legal authorization and regulatory oversight strictly from the Reserve Bank of India under the Payment and Settlement Systems Act of 2007. Regulatory bodies like SEBI or corporate affairs ministries oversee securities markets and company registrations rather than direct retail payment infrastructure licensing. These automated teller machines help expand banking accessibility in semi-urban and rural areas.