Vakrangee partners with NSDL Payments Bank for providing BC services; stock shines

Vakrangee Ltd entered into a partnership with NSDL Payments Bank Ltd to provide banking business correspondent (BC) services on a pan-India basis via its network of Nextgen Vakrangee Kendra. 

The physical barrier of a bank branch has been removed via digital banking, which makes this model highly scalable. The existing platform, via which Vakrangee is providing other services at the Kendra, will be utilised for providing banking services using APIs; thus, ensuring quick rollout and easy customisation services across India. 

Nextgen Vakrangee Kendra is a standardised format outlet, exclusively offering a comprehensive range of products & services across banking, insurance, ATM, e-commerce, e-governance and logistics. With 70 per cent of these Nextgen Vakrangee Kendra outlets in tier-5 & 6 towns, Vakrangee will make banking services available to its customers in the most remote and hitherto unserved or underserved parts of the country. 

Vakrangee is a unique technology-driven company, focussed on building India's largest network of last-mile retail outlets to deliver real-time banking & financial services, ATM, insurance, e-governance, e-commerce and logistics services to the unserved rural, semi-urban & urban markets. 

With this, the stock of Vakrangee today surged 8.5 per cent to Rs 48.10 from its previous close of Rs 44.35 on BSE.