Stock Report

Raminfo appointed as banking partner by Rajasthan Marudhara GraminBank

Posted On : 2022-03-23 13:41:20( TIMEZONE : IST )

Raminfo is appointed as Corporate Banking Correspondent (BC) by 'Rajasthan Marudhara GraminBank', a Joint Venture of Govt. of India, Govt. of Rajasthan and State Bank of India being sponsored by the State Bank of India, to set-up retail BC across 15 districts in the State of Rajasthan.

Business Correspondents (BC) are intermediaries who act as representatives engaged by Bank for providing banking and financial services at various locations across the State of Rajasthan. They enable the Bank to enhance its network / customer base by offering a range of banking and financial ervices at lesser cost, in lieu of establishing branch office in near vicinity which may not be viable.

Accordingly, Raminfo will be responsible for promoting financial inclusion services by providing banking services through Customer Service Points (CSPs) which are already functioning in the State of Rajasthan.

BCs support banks in providing its limited range of banking and financial services at low cost. Thus, they are pivotal in promoting financial inclusion services. According to the RBI's mandate, the products offered by BCs include Small Savings Accounts, Fixed Deposit and Recurring Deposit with low minimum deposits, Remittance to any BC customer, Micro Credit and General Insurance. The BC model helps banks in bringing door-step delivery of services especially 'cash in - cash out' transactions in areas which are to nearer to the rural population, thus resolving the issue of last-mile delivery.

This partnership will enable Raminfo to enhance its outlook towards the Fin-Tech vertical and deliver increased accessibility and speed across remotest areas at a reduced costs. Raminfo's FinTech vertical is a great leveraging tool which allows to compete with big companies and also increase a future revenues under Fin-Tech vertical.

Shares of RAMINFO LIMITED was last trading in BSE at Rs. 129.95 as compared to the previous close of Rs. 131.35. The total number of shares traded during the day was 29038 in over 278 trades.

The stock hit an intraday high of Rs. 134.70 and intraday low of 128.65. The net turnover during the day was Rs. 3802472.00.