Ans:
A White Label ATM franchise India has four stakeholders:
RBI is the main permission and licensing authority that issues the licence under the 2007 Payments & Settlement Systems Act.
The non-banking legal entity rents the ATM space and undertakes the service and maintenance of the machine. For example, TATA Indicash, Muthoot Finance, etc.
The sponsor bank ensures that the cash is properly loaded with no fake notes being circulated using the ATM.
The network payment operator provides the system’s technical connectivity. For example, the Master Card or Visa cards use the  National Payment Corporation of India’s NFS or National Financial Switch.