MHA Guidelines for ATM Industry

The RBI released certain MHA guidelines in 2018 (“MHA Guidelines”) to strengthen security in the cash
management industry. However, the MHA Guidelines are not yet being practiced or followed by any cash
management company on a pan-India basis, except for SVIL. The MHA Guidelines will add revenue to cash
management under the range of %3,500 to 4,000 per ATM per month. Some of the major guidelines have been
mentioned below:

e No taxi or hired vehicle shall be used for cash transportation activities by the private security agency
(provided, further, that in case of any remote location where private security agencies are not present
and not serviced by a currency chest, any vehicle at such location may be used as an exception under
the strict security control and support of the local police); and

e Live GPS Tracking:
Every cash transportation activity shall be carried out only in secured cash vans fitted with a GPS
tracking device; and
The private security agency shall ensure that each cash van shall be monitored at all times during cash
transportation activities through a redundant communications protocol.

India’s Payment Services Market

The flagship Digital India Program was launched in India in 2015, with the vision of transforming India into a
digitally empowered society and knowledge economy. Digital innovations are expected to play a pivotal role in
improving financial inclusion and providing ease of service across retail banking, payments, wealth
management and insurance.

Market Overview

The following chart sets forth India’s payment services market, as of March 31, 2021:

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