RBI renews Vakrangee's authorization for White Label ATMs; Stock climbs ~2%

10 Mar 2022 , 01:12 PM

Reserve Bank of India (RBI) has provided Renewal of Authorization for Vakrangee Limited. RBI has extended the validity of Authorization issued to Vakrangee Limited to setup, own, and operate White Label ATMs (WLA) in India. The validity has been extended till March 31, 2023.

RBI had assigned a target of minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. The ATMs deployed shall be in the ratio of 1:2:3 for Metro & Urban, Semi-Urban and Rural regions respectively.

At around 1.15 pm, Vakrangee Ltd was trading at Rs32.80 per piece up by Rs0.55 or 1.71% from its previous closing of Rs32.25 per piece on the BSE.

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 ~19,230+ Vakrangee Kendras spread across 33 States & UTs, 560+ districts and 5,430+ postal codes. More than 80% of these outlets are in Tier 4, 5 and 6 locations. Vakrangee’s planned target is to reach at least 25,000 Vakrangee Kendras by FY2022 and further enhance it to reach 75,000 Nextgen outlets by FY2026. Vakrangee through its Vakrangee Kendras & BharatEasy Super Mobile App offers a comprehensive range of products and services across Banking, Insurance, ATM, Financial Services, Assisted e-Commerce, e-Governance and Logistics.

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