RBI Greenlights Tata's ATM Business Sale to Findi

In a significant move, the Reserve Bank of India (RBI) has approved Tata Communications' decision to sell its entire stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International, a subsidiary of the Australian fintech company Findi. This transaction, valued at Rs 330 crore with an additional Rs 75 crore based on interchange rate adjustments, marks a pivotal moment in India's financial services sector.

Findi's Strategic Expansion in India

This acquisition is a strategic step for Findi, aiming to bolster its presence in India by targeting the underbanked population. The company plans to leverage its ATM operations and digital payments expertise to transition into a full-fledged payments bank. With over 7,500 'brown label' ATMs and partnerships with major banks like SBI, Central Bank of India, PNB, and HDFC, TSI is set to integrate over 4,600 operational Indicash ATMs into its network.

Enhancing Financial Access Across India

Findi's acquisition includes access to a white-label ATM platform, a WLA license, a payments switch, and an expanded 3,000-ATM network. This move not only strengthens Findi's position as one of Asia's largest ATM operators but also enhances financial access across India. The integration of these ATMs into FindiPay and BankIT merchant outlets will further solidify Findi's footprint in the Indian financial landscape.