Common ATMs not belonging to any particular bank and owned and operated by non banking companies are likely to get an entry into the ATM banking space soon. With finance ministry's advice coming all the way to Reserve Bank of India regarding setting up of these common or White Label ATMs in a bid to reduce transaction costs of banks, the process to set up such ATMs is likely to be coming up in some time now.

These ATMs will enable customers to withdraw money with locations being set at non conventional zones. Fee would be charged for transactions in these.

Presently the inter bank transaction costs of banks reaches upto Rs 3000 crore per year given banks allow five free transactions to customers every month from non home bank ATMs.

"We are looking at a lead bank in a particular district , which will set up the common terms of reference for inviting bids and accordingly orders will be placed," quoted a finance ministry official.

"We are in touch with both the finance ministry and RBI and will make an announcement once the guidelines are finalised," said an IDBI bank official while speaking about the bank's plan to lauch out white label ATMs.