RBI renews Vakrangee authorisation for White Label ATMs

Reserve Bank of India (RBI) has extended the validity of authorisation issued to Vakrangee Limited for setting up as well as operating White Label ATMs (WLA) in India.

The validity has been extended till March 31, 2021. RBI has assigned a target of minimum 1,000 ATMS to be deployed by Vakrangee for every calendar year, starting from 2020 for an initial period of three years. The ATMs deployed shall be in the ratio of 1:2:3 and would be applicable for metro & urban, semi-urban and rural regions, respectively.

Vakrangee currently has 23,000+ (10,000+ operational & 13,000+ under on-boarding process) which are spread across 30 states & UTs, 500+ districts and 6,150+ postal codes.

More than 70 per cent of these outlets are in tier five and six towns. Vakrangee's planned target is to reach at least 25,000 NextGen Vakrangee Kendras by 2020 and further, enhance it to reach 3,00,000 NextGen outlets by FY2024-25. This NextGen model also embodies technological advancements such as, mandatory ATMs that enable the ease of financial transactions; centralised monitoring with the help of CCTV cameras, which would provide remote assistance to pan-India Kendras.