RBI renews the authorization issue to Vakrangee 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, 2025.

Vakrangee currently has 6,486 White Label ATMs (as on February 29, 2024) and 76% of these outlets are in Tier 4 and 6 locations.

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 Vakrangee Kendra Business Model and it gives confidence to our customers especially in Rural and Semi Urban centres."

Vakrangee currently has 21,328 Vakrangee Kendra Outlets and 82% of these outlets are in Tier 5 and 6 locations. Vakrangee Kendras exclusively offer a comprehensive range of products and services across banking, insurance, ATM, Financial Services and Assisted e-Commerce services.

This model also embodies technological advancements such as ATMs that enable the ease of financial transactions; CCTV monitoring available at the Kendras, digital advertising through digital signage for brand partners, along with biometric and pin pad devices to enable all kinds of payment mechanisms.

Shares of Vakrangee Limited was last trading in BSE at Rs. 21.48 as compared to the previous close of Rs. 22.09. The total number of shares traded during the day was 2414394 in over 4825 trades.

The stock hit an intraday high of Rs. 22.17 and intraday low of 21.04. The net turnover during the day was Rs. 52047980.00.

Source : Equity Bulls

Keywords

Vakrangee INE051B01021 ValidityExtension RBI WhiteLabelATMs