Public sector lender, IDBI Bank is planning to bring out 'White label ATMs' in a tie up with private ATM service providers. The new series of ATMs will not be tied to any bank and would be an altogether different entity.

We will soon approach RBI (Reserve Bank of India) with our plan," R M Malla, CMD of the bank said.

The 'White label ATMs' will allow customers to withdraw as well as deposit money from any bank. The banks would pay for the service rendered by these ATMs.

Presently RBI guidelines say that ATMs can only belong to particular banks.

"However, with a new entity created jointly and handled by a bank, the situation would be different and RBI's concerns can be taken care of. If globally this has happened with proper precautions, why should it not work in India with strict due diligence?" asked Malla.

"There could be some entity, however, whose proper due diligence has been done and which specialises in this area. We want to be a major player in this," he said.