RBI renews authorization issued to Vakrangee Ltd for White Label ATMs

The Reserve Bank of India (RBI) has provided the Renewal of Authorization for Vakrangee Limited. RBI has extended the validity of Authorization issued to Vakrangee Limited to setup, own and operate the White Label ATMs (WLA) in India. The validity has been extended till March 31, 2022.

RBI had assigned a target of minimum 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. We are proud to announce that we have achieved this target for calendar year 2020 and are all set to continue expansion of our White Label ATMs in Vakrangee Kendras. The ATMs deployed shall be in the ratio of 1:2:3 for Metro & Urban, Semi-Urban and Rural regions respectively.

Commenting on this renewal, Mr Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd said, "We are happy to announce Renewal of Authorization of our White Label ATMs Business by RBI. ATM is one of the key services offered in our Nextgen Vakrangee Kendra Business Model and it gives confidence to our customers especially in Rural and Semi Urban centres."

Vakrangee currently has more than 10,000+ Operational Vakrangee Kendra Outlets and 70% of these outlets are in Tier 5 and 6 locations. Nextgen Vakrangee Kendras exclusively offer a comprehensive range of products and services across banking, insurance, ATM, Financial Services, Assisted e-Commerce, e-Governance and logistics.

This Nextgen model also embodies technological advancements such as mandatory ATMs that enable the ease of financial transactions; centralized monitoring with the help of CCTV Cameras which would provide remote assistance to the pan-India Kendras, digital advertising through digital signage for brand partners, along with biometric and pin pad devices to enable all kind of payments mechanisms.

Shares of Vakrangee Limited was last trading in BSE at Rs.50.75 as compared to the previous close of Rs. 51.25. The total number of shares traded during the day was 168548 in over 460 trades.

The stock hit an intraday high of Rs. 51.6 and intraday low of 50.4. The net turnover during the day was Rs. 8560095.

Source : Equity Bulls

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