Vakrangee And Bank of Baroda Extend Partnership For Nationwide Banking Services

On Monday, Vakrangee Limited (VL) said that it has extended its contract with the Bank of Baroda (BOB) to continue providing Business Correspondent (BC) banking as well as complete Financial Inclusion (FI) services through Vakrangee Kendra facilities throughout India. With more than 14,000 Banking BC points, Vakrangee has become one of the major players in financial inclusion. The implementation of Banking BC point services at every Vakrangee Kendra nationwide and continuous development are guaranteed by this renewal with Bank of Baroda.

A wide range of banking services, such as account opening, cash deposits, withdrawals, balance enquiries, social security schemes like PMSBY, PMJJBY, and APY, and other financial services, are made possible by this partnership to benefit customers in urban, semi-urban, and rural areas. There are now 21,912 Vakrangee Kendra outlets in 31 States and Union Territories, 576 districts, and 5,424 postal codes. 83% of the outlets are in Tier 4 and Tier 6.

Mr. Vedant Nandwana, Managing Director, Vakrangee Ltd. said, "We are delighted to renew our long-standing partnership with Bank of Baroda, a relationship that has played a pivotal role in advancing financial inclusion across the country. This renewed agreement reinforces our shared commitment to providing accessible, reliable, and technology-driven banking services to the underserved and unbanked population of India."

"With this collaboration, we aim to offer a comprehensive range of banking services, ranging from account opening and deposits to withdrawals and loan facilitation, thereby creating a significant impact in rural and semi-urban communities. We look forward to continuing our journey along with Bank of Baroda to transform India's financial landscape. This partnership is not just about providing services but also about empowering lives and building a financially inclusive India," commented Vedant Nandwana.

Vakrangee recently announced a partnership with Future Generali Insurance Company Ltd. (Future Generali) and Shriram Life Insurance on January 2. These collaborations aim to provide comprehensive insurance coverage to underserved and unserved groups through the national network of Vakrangee Kendras.

The firm helps Indians to benefit from financial, social, and digital inclusion by offering real-time banking and financial services, ATMs, insurance, e-Government, e-Commerce, and logistical services to underserved rural, semi-urban, and metropolitan areas.
On Monday, the shares of Vakrangee ended 8.41% lower at Rs 33 per share with a market cap of Rs 3.61KCr. The stock reached a 52-week-high of Rs 37.69 on (01-Oct-2024) and a 52-week-low of Rs 18.45 on (04-Jun-2024).