Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Stock Report

| More

SBM Bank India and Vakrangee Join Hands to offer #SmartBanking to the unbanked Bharat

Posted On: 2020-12-03 08:48:50 (Time Zone: Arizona, USA)

SBM Bank India and Vakrangee Ltd entered into partnership to provide Banking Business Correspondent (BC) service for Pan India at Nextgen Vakrangee Kendra franchisees.

The Bank believes that for the Indian banking sector to expand and touch billions of lives, access to affordable technology-led Banking will play a pivotal role. With each #collaboration, SBM Bank India has taken one more step towards this direction - by partnering Vakrangee for Digital & Assisted Banking.

Vakrangee Ltd will be able to provide banking services to all its franchisees digitally across India without any dependency on the partner Bank Branch near the Kendra, further strengthening the financial inclusion drive in the country. It will ease out the process of on boarding Banking services.

Commenting on the partnership, Neeraj Sinha, Head-Retail and Consumer Banking, SBM Bank (India), said, "We are elated to partner with Vakrangree and take our offering of #SmartBanking to millions of Indians. In doing so, we will offer a seamless experience Vakrangee's NextGen Kendras."

"This partnership is in sync with our mission of taking Banking to those who need it, and in a manner that they prefer, we are further enabling the banking ecosystem in the country and more importantly, play a collaborative role in transforming lives of unbanked Indians using easy to access, assisted banking solutions", Neeraj further added.

Commenting on this collaboration, Mr. Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd. said, "We are happy and honoured to announce this partnership with SBM Bank India which enables us to having Banking BC point services across our NextGen Vakrangee Kendras on a Pan India basis. This will help us in faster turnaround in activation of Banking services at all our franchisee partners without any physical dependency on the partner Bank Branch being located near the Outlet."

Dinesh also added "Our Kendras are aligned with Government's vision of Financial, Social and Digital Inclusion by reaching out to the remotest parts of the country where basic banking services are not available. Our Nextgen Vakrangee Kendra acts as a one stop shop for the local customers offering them a bouquet of services and thus providing them the convenience, at the same time aiding them with Financial, Social and Digital Inclusion."

The Smart-banking solution is based on parent-child architecture in such a way that settlement account of franchisee will be opened centrally on real-time basis. Through digital banking the physical barrier of a Bank Branch has been removed which makes this model highly scalable. The existing platform through which Vakrangee is providing other services at the Kendra will be utilized for providing Banking services using APIs, thus ensuring quick rollout and easy customization services across India.

Shares of Vakrangee Limited was last trading in BSE at Rs.46.2 as compared to the previous close of Rs. 51.3. The total number of shares traded during the day was 2710313 in over 12161 trades.

The stock hit an intraday high of Rs. 54.15 and intraday low of 46.2. The net turnover during the day was Rs. 132221745.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

HDFC Bank's Net NPA at 0.09%

HDB Financial Services Limited reports loss of Rs. 44.3 crore in Q3FY21

HDFC Bank increases distribution network YoY

HDFC Bank's balance sheet size grows 18.6% YoY

HDFC Securities Limited posts PAT of Rs. 166.6 crore in Q3FY21

HDFC Bank's Capital Adequacy Ratio was at 18.9% as of Dec 31, 2020

Parmax Pharma Limited approves preferential issue

Rossari Biotech Ltd board to approve quarterly results on Jan 23, 2021

Aditya Vision Limited opens 57th showroom

JBM Auto Limited receives orders for supply of 700 JBM CITYLIFE buses

Gujarat Hotels Ltd posts net profit of Rs. 0.58 crore in Q3FY21

Sacheta Metals Ltd Q3FY21 net profit at Rs. 0.89 crore

HDFC Bank Ltd Q3FY21 consolidated PAT climbs to Rs. 8769.33 crores

Star Cement Limited commences commercial production of new grinding unit

Chembond Chemicals Ltd Q3FY21 consolidated PAT zooms to Rs. 8.44 crore

Apollo Pipes Ltd reports net profit of Rs. 16.33 crores in Q3 FY2020-21

Apollo Hospitals begins vaccinating healthcare workers

International Travel House Ltd Q3FY21 loss at Rs. 10.69 crore

GE T&D India Limited to sell its GLobal Engineering Operations Division

IRB InvIT Fund to distribute Rs. 2.50 per unit for Q3 FY21

Smruthi Organics Ltd board recommends 2:1 bonus shares

Smruthi Organics Ltd Q3FY21 net profit drops QoQ to Rs. 5.10 crore

SpiceJet to connect Delhi with Sikkim with a daily non-stop flight

Indian Railway Finance Corporation Ltd raised Rs 1398.63 crores from 31 anchor investors ahead of its public issue

CRISIL A1+ rating reaffirmed to PNB Gilts Ltd's Rs. 1000 commercial paper programme

Pudumjee Paper Products Ltd board to announce Q3 results on Jan 23, 2021

SML ISUZU Ltd board to consider Q3FY21 results on Feb 5, 2021

Indian Energy Exchange Ltd board to consider interim dividend on Jan 21, 2021

LIC Housing Finance Ltd board to announce 3rd quarter results on Jan 29, 2021

CARE Ratings Ltd board to consider dividend, Q3 results on Feb 6, 2021

The Dharamsi Morarji Chemical Company Limited board to approve third quarter results on Feb 8, 2021

IDBI Bank Ltd board to announce 3rd quarter results on Jan 28, 2021

Reliance Industries Ltd board to consider Q3FY21, 9MFY21 results on Jan 22, 2021

Tata Consumer Products Ltd board to announce Q3FY21 results on Feb 2, 2021

Visaka Industries Ltd board to consider Q3 results, interim dividend on Jan 28, 2021

EIH Ltd board to announce third quarter results on Jan 29, 2021

Vardhman Textiles Ltd board to approve quarterly results on Jan 21, 2021

Raksha Mantri unveils India's First Indigenously Designed & Developed Driverless Metro Car

Dr. Reddy's receives approval to conduct Phase 3 clinical trial for Sputnik V vaccine in India

L&T Finance Holdings Ltd posts consolidated PAT of Rs. 290.66 crore in Q3FY21

Shoppers Stop Ltd Q3FY21 consolidated loss at Rs. 25.11 crores

Plastiblends India Ltd reports net profit of Rs. 11.37 crore in Q3FY21

SORIL Infra Resources Ltd Q3FY21 consolidated PAT at Rs. 4.98 crore

Mastek's Group CEO Mr. John Owen quits

CFO Tech Outlook Recognizes Emagia As 'The Top 10 Account Receivable Solution Providers 2020'

MPCB issues closure notice to Bajaj Healthcare Limited's plant

Syncom Formulations India Ltd awarded by IPF Industrial Excellence Awards, 2021

Captain Polyplast Ltd announces capacity augmentation at Kurnool plant

ITC Limited conferred the ICSI National Award for Excellence in Corporate Governance

Hitachi Cooling and Heating launches country's first of its kind premium and luxurious air conditioning system 'SET FREE mini' for Indian market

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2020