Vakrangee ties up with Chhattisgarh Rajya Gramin Bank for Banking Business Correspondent points

Vakrangee Limited (VL) has tied-up with Chhattisgarh Rajya Gramin Bank (CRGB) (A Government owned scheduled bank sponsored by State Bank of India) for Banking Business Correspondent (BC) point service for Nextgen Vakrangee Kendra for the state of Chhattisgarh.

Nextgen Vakrangee Kendra is a standardized format outlet exclusively offering a comprehensive range of products and services across banking, insurance, ATM, 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.

We intend to deliver Financial inclusion through providing Banking services at our NextGen outlets along with Chhattisgarh Rajya Gramin Bank 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.

Commenting on this partnership, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, "We are happy and honored to announce this partnership with Chhattisgarh Rajya Gramin Bank (CRGB) which enables us to having Banking BC point services across our NextGen vakrangee kendras in the state of Chhattisgarh. It gives me a sense of pride that during such a challenging environment of a Lockdown situation, our field team has put in their 100% efforts to make this possible and special thanks to the CRGB team who have fully supported us and both of us are working towards a common goal of achieving financial and social inclusion in the remotest parts of Chattisgarh.

Our outlets will be able to offer a range of banking services. Our kendras are aligned with Government's vision of Financial, Social and Digital Inclusion by reaching out to the remotest parts of the country where basic banking services are not available. Our Nextgen Vakrangee Kendra act as a one stop shop for the local customers offering them a bouquet of services and thus provide them the convenience, at the same time aiding them with Financial, Social and Digital inclusion."

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).

Vakrangee currently has 23,000+ (10,000+ Operational & 13,000+ under on-boarding process) which are spread across 30 States & UTs, 500+ districts and 6,150+ postal codes. More than 70% of these outlets are in Tier 5 and 6 towns. Vakrangee's planned target is to reach at least 25,000 Nextgen Vakrangee Kendras by 2020.

Shares of Vakrangee Limited was last trading in BSE at Rs.26.3 as compared to the previous close of Rs. 25.4. The total number of shares traded during the day was 140370 in over 433 trades.

The stock hit an intraday high of Rs. 26.65 and intraday low of 25.55. The net turnover during the day was Rs. 3706819.

Source : Equity Bulls

Keywords