FINDI gets RBI nod for perpetual White Labelled ATMs

By Vriti Gothi

FINDI Ltd, through its subsidiary Transaction Solutions International (India) Pvt Ltd (TSI), has received a perpetual White Label ATM (WLA) licence from the Reserve Bank of India (RBI).

The approval makes FINDI only the fifth operator in over a decade to secure such a licence, marking a significant development in its efforts to strengthen access to cash and financial services across India.

Unlike standard licences, the perpetual WLA licence removes the requirement for periodic renewals, enabling FINDI to plan and invest with greater certainty in its ATM operations. The company has indicated it will use this regulatory certainty to expand its reach into underserved areas, aiming to improve cash availability and support communities that remain heavily reliant on physical currency.

The announcement follows a period of strategic activity for FINDI in India. Through TSI, the company recently acquired Indicash Tata Communications’ White Label ATM business, which has since been rebranded as FindiATM. FINDI also acquired BANKIT, a merchant-based payments platform targeting India’s underbanked population, now operating as FindiBANKIT.

Together with its existing Brown Label ATM operations, run in partnership with twelve major Indian banks, FINDI now manages a network of over 200,000 cash and digital payment points nationwide.

In parallel, FINDI has confirmed plans for an initial public offering (IPO) to support further expansion. Rothschild & Co has been appointed as the exclusive financial adviser, with Ambit Pvt Ltd and DAM Capital Markets serving as book-running lead managers. DAM Capital will also act as Lead Left on the IPO.

With the perpetual licence in place, FINDI intends to increase investment in its ATM infrastructure, expand its last-mile banking services, and continue to support India’s cash ecosystem alongside the country’s growing digital payments sector.

Deepak Verma, Managing Director and Chief Executive Officer of FINDI Ltd, said, “We are proud to receive the RBI’s approval for a perpetual WLA licence. Cash remains vital in India, with circulation steady at 12% of GDP and over 60% of consumer spending still in cash. The RBI’s push to increase ₹100 and ₹200 note availability further signals the enduring role of ATMs. This licence empowers us to strengthen our footprint and serve cash-reliant communities with greater reach and reliability.”

Hussain Udaipurwala, Chief Business Officer at FindiATM, said, “A perpetual regulatory licence empowers us to double down on what matters: last-mile presence, operational uptime, and community trust. The RBI’s endorsement reinforces our belief that ATMs are not legacy infrastructure but a vital, evolving bridge to financial access. With this licence, we’re committed to transforming FindiATM into a national backbone of inclusive banking, blending reliability, scale, and future-ready innovation across India’s most underserved regions.”