/ -- Vakrangee Finserve Limited i.e. 100% subsidiary company of Vakrangee Limited (VL) received approval from Union Bank of India for 20,000 Banking Business Correspondent (BC) point for Nextgen Vakrangee Kendra.
The Bank shall allot in a batch of 2,500 BC points whereby 70-80% of BC points would be in Tier 5 and 6 locations and which would include 5% of the outlets to be opened in aspirational districts and LWE (Left wing extremism) areas.
Nextgen Vakrangee Kendra is a standardized format outlet exclusively offering a comprehensive range of products and services across banking, insurance, ATM, Assisted e-Commerce, e-Governance and logistics. With 70% of these Nextgen Vakrangee Kendra outlets in Tier-5 and 6 towns, Vakrangee will make available banking services to its customers in the most remote and hitherto unserved/underserved parts of the country.
Vakrangee intends to provide Banking services at these Nextgen outlets along with Union Bank of India to enable unmatched reach in remotest parts of the country as well as access to a unique untapped customer base and help them to access the banking services along with other multiple services.
Also, the RBI guidelines state that the Banks need to open at least 25% of their banking outlets in a year in unbanked area. These have to be open for at least 4 hours per day for 5 days in a week manned either by business correspondents or by bank officials. (Source: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI3062319C9C94C33494794C2B5271CF92878.PDF).
Commenting on this partnership, Mr. Anil Khanna, Managing Director & Group CEO, Vakrangee Ltd. said, "We are happy to announce that this approval is in line with our strategy of all the services available at our exclusive Nextgen Vakrangee Kendras making them into one stop shop for all the requirements of our customers.
This partnership with Union Bank of India enables us to having Banking BC point services across our entire target of 25,000 NextGen Vakrangee Kendras of this year. Our outlets will be able to offer a range of banking services . "
We currently have 487 Nextgen Kendras in the 90 LWE Districts. We already have Field Staff in 50 Districts out of the 90 LWE Districts. Additionally, We currently have 1,040 Nextgen Kendras in the 164 Tribal Area Districts. We already have Field Staff in 68 Districts out of these 164 Tribal Districts. We have already set up full fledged field teams for the State of Andhra Pradesh & Telangana, Jammu & Kashmir and North East States. We are focussed on creating a sustainable network of last mile retail outlets covering each and every postal code of the country offering variety of products and services through our Nextgen Vakrangee Kendra."
About Vakrangee Limited (BSE Code: 511431) (NSE Code: VAKRANGEE)