Tata Group: This business of Tata Group was sold to a foreign company, RBI approved the deal
New Delhi: The country’s largest industrial house Tata Group has completely withdrawn from the ATM business. The group has sold this business to a foreign company. RBI has allowed Tata Communications to sell 100% stake in Tata Communications Payment Solutions (TCPSL) to Transaction Solutions International (TSI), a subsidiary of Australian fintech company Findi in India. The deal, announced in November 2024, is worth Rs 330 crore. This includes an additional Rs 75 crore based on interchange rate adjustment.
This acquisition will increase Findi’s presence in India’s financial services sector. The company says that it wants to provide services to those people in the country who are away from banking services. The company is currently in ATM operations and digital payments. It plans to transform into a full-fledged payment bank. The acquisition of Tata’s ATM business is in line with this policy. TSI operates more than 7,500 ‘brown label’ ATMs in India. The company has partnerships with 12 banks including SBI, Central Bank of India, PNB and HDFC.
What will be the benefit
The company also manages back-end operations for more than 10,000 ‘white label’ ATMs. Not only this, the company also facilitates digital payments through more than 50,000 merchants under the FindiPay brand. With this acquisition, Findi will integrate Indicash ATMs, which operates more than 4,600 ATMs, and gain access to about 3,000 additional ATMs. This will take the company’s total network beyond 12,000 ATMs across various categories and make it one of Asia’s largest ATM operators.
This is Findi’s second major acquisition in 2025. Earlier in January, TSI acquired BankIT, a digital payments provider with over 129,000 merchant touchpoints, taking its total merchant base to over 180,000. Founded in 2008, TCPSL launched India’s first white-label ATM network Indicash in 2013 in line with RBI policies to increase ATM penetration. TCPSL is one of the largest white-label ATM operators in India.
Company’s plan
The acquisition will give Findi access to a white-label ATM platform, WLA license, payment switch and an extended 3,000-ATM network. TSI plans to install these ATMs across its 180,000 FindiPay and BankIT merchant outlets. The company also plans to further strengthen its financial reach by integrating them into the existing Indicash franchise.
