Shares of Vakrangee Ltd were locked in 5% upper circuit on December 3 after the firm announced its partnership with Central Bank of India for offering banking services on pan-India basis.
"Vakrangee has emerged as one of the leading Financial Inclusion players with more than 14,000 Banking BC points and 4th Largest ATM operator in Rural India with 6,000+ ATMs. This partnership will expedite the expansion of Vakrangee's network, reinforcing our presence across both rural and urban landscapes of the nation. Moreover, it will significantly enhance access to banking and financial services in unserved and underserved regions, driving financial inclusion across the country," said the company in a press release.
Under this partnership, Vakrangee will now be able to provide banking services across India, "further strengthening the financial inclusion drive in the country". Vakrangee will be providing key banking services such as: Opening of Saving & Current Bank Account (through e-KYC), Opening of Fixed Recurring /Term Deposit account, Opening of Public Provident Fund (PPF) / Sukanya Samridhi Scheme (SSS), Cash Deposit / Withdrawals / Fund Transfer facility, Collection / Recovery of loan, Enrolment under Micro Insurance scheme under PMSBY / PMJJBY / APY scheme, Loan & Insurance Products - Lead generation and conversion, Agriculture Loan, Personal Loan, Home Loan, Vehicle Loan, Gold Loan, Other loan product of Bank, Life Insurance, Health insurance, Motor insurance, Mutual Fund, Cheque Book / Debit Card / Balance Enquiry /Statement, Leads and Handholding Farmers for Renewals of CKCC Loan accounts, Aadhaar / Mobile seeding, Pension Life Certificate authentication through Jeevan Praman, Re-KYC in SAVING Accounts, Payment of Utility Bills -Bharat Bill Payment System (BBPS).
At 2 pm on December 3, Vakrangee's shares were trading 5% higher at Rs 26.5 apiece. The market capitalisation of the stock is nearly Rs 2,900 crore. Its 52-week low is Rs 18.4 and 52-week high is Rs 37.69.
Vedant Nandwana, Managing Director, Vakrangee Ltd said: “We are happy and honored to announce this partnership with Central Bank of India which enables us as Corporate Business Correspondent for Banking services across our Vakrangee Kendras on a Pan India basis. We are well on track with respect to our Vision 2030 growth strategy to increase our Operational Vakrangee kendras to 3,00,000 by 2030. This tie up further ensures scalability to our growth model as we would be able to on-board and activate Banking services at our Vakrangee kendras.
"Vakrangee Kendras are exclusive Branded format outlets offering a comprehensive range of products and services across banking, insurance, ATM, assisted e-Commerce, e-Governance and Total Healthcare. With 83% of Vakrangee Kendra outlets in Tier-4 to 6 locations, this association will enable Vakrangee to allow its customers to get access to banking services in the most remote parts of the country."
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