RBI extends validity of Authorization issued to Vakrangee for setting-up White Label ATMs till March 2022-end

RBI had assigned a target of a minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years.

Mar 24, 2021 04:03 IST India Infoline News Service

Vakrangee
In major good news, Vakrangee announced on Wednesday that the Reserve Bank of India (RBI) has provided the Renewal of Authorization to the company for White Label ATMs (WLA). The central bank has extended the validity of the Authorization issued to Vakrangee to set up, own and operate WLA in India. The validity has been extended till March 31, 2022.

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.”

As per the regulatory filing, RBI had assigned a target of a minimum of 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 the calendar year 2020 and are all set to continue the 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.

Currently, Vakrangee 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.

On Sensex, Vakrangee closed at Rs50.75 per piece down by 1%. 

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