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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

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