Vakrangee Limited has announced the renewal of its agreement with Bank of Baroda (BOB) to continue offering Business Correspondent (BC) banking services across India. This move reinforces the company’s role in promoting financial inclusion through its extensive network of Vakrangee Kendra outlets. Share price of Vakrangee was trading higher by 2.70% as of 11:41 AM on January 7, 2025, following this announcement.
The renewed partnership aims to deliver end-to-end financial services to remote areas, enabling access to banking facilities for underserved populations. With more than 14,000 Banking BC points already established, Vakrangee’s growth strategy focuses on providing reliable and technology-driven financial solutions.
Through this collaboration, Vakrangee Kendra outlets will offer services such as account opening, cash deposits, withdrawals, and balance inquiries. Additionally, they will facilitate enrolment in government-backed social security schemes like PMSBY, PMJJBY, and APY, promoting financial security for customers.
Mr. Vedant Nandwana, Managing Director of Vakrangee Ltd, emphasised the impact of this partnership, stating that it aims to empower rural and semi-urban communities by enhancing accessibility to financial services. He further highlighted the company’s commitment to building a financially inclusive India through sustainable growth and innovation.
Vakrangee currently operates 21,912 outlets across 31 states and union territories, covering 576 districts and 5,424 postal codes. Notably, 83% of these outlets are in Tier 4 and 6 locations, showcasing the company’s focus on rural penetration.
With its Vision 2030 strategy, Vakrangee plans to expand its network and strengthen its role as a last-mile distribution platform. Its assisted digital stores, known as “Vakrangee Kendra,” act as one-stop shops offering banking, insurance, e-commerce, and logistics services.
Founded in 1990, Vakrangee has grown into one of India’s largest last-mile service providers, combining physical and digital platforms. Its outlets facilitate real-time banking and financial services, helping bridge the gap between urban and rural India.
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Published on: Jan 7, 2025, 2:53 PM IST
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