Mumbai : Reserve Bank of India (RBI) has provided the Renewal of Authorization for Vakrangee. RBI has extended the validity of Authorization issued to Vakrangee to setup, own and operate the White Label ATMs in India. The validity has been extended till March 31, 2020.
Under Scheme ‘B’ opted at the time of grant of authorization, Vakrangee is desired to have Minimum 15,000 ATMs. The ratio of 2:1 would be applicable, i.e. for every 2 WLAs installed in Tier III to VI centres, 1 WLA can be installed in Tier I to II centres. Out of the WLAs installed in Tier III to VI centres, a minimum of 10 % should be installed in Tier V & VI centres.
Vakrangee is the unique technology driven company focused on building India’s largest network of last-mile retail touch points to deliver real-time banking, insurance, e-governance, ecommerce and logistics services to the unserved & underserved rural, semi-urban and urban markets.