Penny stock below Rs 20: This small-cap IT company partners with Karnataka Bank!

The stock is up by 46 per cent from its 52-week low of Rs 13.20 per share.

Vakrangee Limited (VL) has entered into a partnership agreement with Karnataka Bank Limited to provide BC Banking services from Vakrangee Kendra outlets across “Pan India”.

Vakrangee has emerged as one of the leading financial inclusion players with more than 14,000 banking BC points and 4th largest ATM operator in rural India with more than 6,300+ ATMs. This tie-up with Karnataka Bank would ensure high scalability, faster onboarding and activation of banking BC point services at all Vakrangee Kendra across the country.

Vakrangee, a technology-driven company specializing in providing last-mile connectivity to rural India, has partnered with a leading bank to provide banking services to all its franchisees across India. This will further strengthen the financial inclusion drive in the country.

Vakrangee will be providing key banking services such as cash deposits and withdrawals, savings account opening, canvassing and opening of fixed/recurring deposit accounts, savings and current account float maintenance, recurring deposit float maintenance, loan products, and EMI collection services.

Vakrangee will deliver biometric Aadhaar-enabled payment system (AePS) enabled digital banking services at its outlets in partnership with the bank. This will enable unmatched reach in remote parts of the country and provide access to a unique untapped customer base, helping them to access banking services along with other multiple services.

On Friday, shares of Vakrangee Ltd surged 0.73 per cent to Rs 19.38 per share with an intraday high of Rs 20 and an intraday low of Rs 19.17. The stock is up by 46 per cent from its 52-week low of Rs 13.20 per share. The company has a market cap of over Rs 2000 crore and investors should keep an eye on this Small-Cap IT stock.