Shares of Vakrangee Ltd hit a 5% upper circuit on 3 December after the company announced that they have partnered up with the Central Bank of India to offer them banking services on a pan-India basis. 

In its regulatory filing, the company said, “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.”

Through this partnership, the company will now be able to provide banking services across India, “further strengthening the financial inclusion drive in the country”.

The company will provide Central Bank of India with key banking services, including Opening of Saving & Current Bank Account (through e-KYC), Opening of Public Provident Fund (PPF) / Sukanya Samridhi Scheme (SSS), Opening of Fixed Recurring /Term Deposit account, Cash Deposit / Withdrawals / Fund Transfer facility, Enrolment under Micro Insurance scheme under PMSBY / PMJJBY / APY scheme, Collection / Recovery of loan, Loan & Insurance Products – Lead generation and conversion, Agriculture Loan, and much more. 

Vedant Nandwana, Managing Director, Vakrangee Ltd, said: “We are happy and honored to announce this partnership with the 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.”

At 3:30 pm, the shares of Vakrangee closed 4.99% higher at Rs 26.50 on NSE.

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