Vakrangee rallies on partnering PNB for pan-India banking services

Vakrangee rose 2.10% to Rs 41.35 after the company entered into partnership with Punjab National Bank (PNB) to provide BC banking services for "Pan India" at Nextgen Vakrangee Kendra outlets.

Banking Correspondents (BCs) are individuals/entities engaged by a bank in India (commercial banks, Regional Rural Banks (RRBs) and Local Area Banks (LABs)) for providing banking services in unbanked/under-banked geographical territories. A banking correspondent works as an agent of the bank and substitutes for the brick and mortar branch of the bank.

The partnership will offer seamless digital & assisted banking services to the remotest parts of the country. Currently, Vakrangee has more than 13,000 banking BC points and fourth largest ATM operator in rural India with more than 5,400+ ATMs. The company is well on track to increase the operational NextGen store footprint from current 11,900 to 25,000 stores by March 2022. This tie up with PNB would ensure High Scalability, faster on-boarding and activation of Banking BC point services at all NextGen Kendras across the country.

Vakrangee will be able to provide banking services to all its franchisees across India, further strengthening the financial inclusion drive in the country.

Vakrangee will be providing key banking services such as enrollment of customers (Account opening) through digital eKYC solution, opening of all saving account particularly BSBD account and other deposit accounts, deposit/ withdrawal of money in an account of any bank (Interoperable Banking), balance enquiry/ Mini Statement of Account, Aadhaar seeding, Mobile seeding, Rupee Card Activation and social security scheme viz PMSBY, PMJJBY & APY.

Vakrangee's consolidated net profit soared 96.2% to Rs 23.33 crore on a 127% fall in net sales to Rs 154.02 crore in Q1 FY22 over Q1 FY21.

Vakrangee offer an extensive array of services across various sectors by providing BFSI, ATM, e-commerce & logistics services through its Vakrangee Kendras.

Meanwhile, shares of Punjab National Bank (PNB) was flat at Rs 35.85 on BSE.

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