Under Rs 160 stock in focus as the company has been empaneled as corporate business correspondent for Canara Bank

Kiran Shroff
/ Categories: Trending, Mindshare
Under Rs 160 stock in focus as the company has been empaneled as corporate business correspondent for Canara Bank

Notably, RNFI Services Limited has no related party transactions associated with this agreement, ensuring its adherence to arm's length principles.

RNFI Services Limited has been empaneled as a corporate business correspondent agreement with Canara Bank. This agreement empowers RNFI to offer a range of banking services to Canara Bank customers through its network of BC agents. These services include customer enrollment, account opening, customer operations, and more. The agreement is valid for three years, starting from September 21, 2024. Notably, RNFI Services Limited has no related party transactions associated with this agreement, ensuring its adherence to arm's length principles.

Prior to this agreement, RNFI Services Limited had a rental services agreement with Muthoot Microfin Limited. Under this agreement, RNFI provided rental services for point-of-sale devices. The agreement was on a monthly rental basis with a minimum lock-in period of one year. While the anticipated volume of orders was 2000, the initial procurement was 500 orders. The remaining units were to be acquired progressively based on product performance. Similar to the Canara Bank agreement, RNFI had no related party transactions associated with this agreement.

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About the Company

RNFI Services Limited, established in 2015, is a prominent financial technology firm providing B2B and B2B2C solutions through its digital platform. The company offers a wide range of financial services, including banking, digital and Government-to-Citizen (G2C) services across India. With a strong network of over 3,60,000 partners nationwide, RNFI Services leverages technology to deliver efficient and accessible financial solutions to customers.

The company has a market cap of Rs 367 crore. On Monday, shares of RNFI Services Limited gained 5.15 per cent to an intraday high of Rs 152 per share from its previous closing of Rs 144.55 per share.

Disclaimer: The article is for informational purposes only and not investment advice. 

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