Months after Ratan Tata’s death, Tata Group makes a Massive move, sells this business to…, RBI says…

The Reserve Bank of India (RBI) has approved Tata Communications' sale of its 100 percent stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI).

Written by: Victor Dasgupta Edited by: Victor Dasgupta

Published: February 4, 2025, 9:02 PM IST

Share

Share Article

• Facebook
• WhatsApp
• X
• Email
• Telegram
• Linkedin

https://www.india.com/business/tata-group-ratan-tata-reserve-bank-of-india-atm-sbi-central-bank-of-india-pnb-hdfc-noel-findi-tcpsl-payment-solution-7591188/ Copy

New Delhi: The Tata Group, India’s largest industrial conglomerate, has decided to completely exit the ATM business by selling it to a foreign company. The Reserve Bank of India (RBI) has approved Tata Communications’ sale of its 100 percent stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI), the Indian subsidiary of Australian fintech company Findi. Announced in November 2024, the deal is valued at Rs 330 crore, with an additional Rs 75 crore based on interchange rate adjustments.

With this acquisition, Findi’s presence in India’s financial services sector promises to enhance. The company stated that it aims to serve those in the country who are currently unbanked. It is important to note that at present Findi operates in ATM operations and digital payments, with plans to transform into a full-fledged payments bank. In India, TSI operates over 7,500 ‘brown label’ ATMs and has partnerships with 12 banks, including SBI, Central Bank of India, PNB, and HDFC.

Here are some of the key details about FINDI:

• Findi manages back-end operations for more than 10,000 ‘white label’ ATMs.
• Under the FindiPay brand, the company facilitates digital payments through over 50,000 merchants.
• Findi, with the acquisition, will integrate Indicash ATMs, which operate over 4,600 ATMs, and gain access to approximately 3,000 additional ATMs.
• The company’s total network across various categories will surpass 12,000 ATMs, making it one of the largest ATM operators in Asia.
• This is Findi’s second major acquisition in 2025.
• Earlier in January, TSI acquired digital payment provider BankIT, which had over 129,000 merchant touchpoints.
• This acquisition increased its total merchant base to over 180,000.
• Established in 2008, TCPSL launched India’s first white-label ATM network, Indicash, in 2013, in line with RBI’s policies to expand ATM penetration.
• TCPSL is one of the largest white-label ATM operators in India.

With this acquisition, Findi will gain access to a white-label ATM platform, a WLA license, a payment switch, and an extended network of 3,000 ATMs. TSI plans to deploy these ATMs at its 180,000 FindiPay and BankIT merchant outlets.