Is UILabel Inset effect Possible?

Put the label in a container view and apply the border to the container.

You can subclass UILabel, and override a couple of methods:

The first gives you rounded corners and a border. You can tweak the border width, color etc. as needed.

- (void)drawRect:(CGRect)rect
{
    self.layer.cornerRadius = 4.0;
    self.layer.borderWidth = 1;

    [super drawRect:rect];
}

The second lets you specify insets to position the label text away from the left border.

- (void) drawTextInRect:(CGRect)rect
{   
    UIEdgeInsets insets = {0,5,0,5};

    [super drawTextInRect:UIEdgeInsetsInsetRect(rect, insets)];
}

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