Vakrangee Softwares gets RBI approval for setting up White Labeled ATMs

Vakrangee Softwares Ltd has been granted in-principle authorization by Reserve Bank of India for setting up White Labeled ATMs (WLAs).

As a White Lable ATM operator (WLAO), Vakrangee will set up, own and operate minimum 15000 ATMs under its own brand in 3 years timeline across the country.

Vakrangee will work in association with one or more sponsor banks who will serve as the settlement bank for settlement of all the service transactions undertaken at these ATMs. Also the sponsor banks will ensure adequate supply of cash at these ATMs and shall facilitate redressal of failed transactions at these ATMs.

The company will be entitled to receive transaction fee from the banks for the use of the ATM network by the bank customers. Vakrangee can also earn extra revenue through advertisement and other value added services as per the regulations in force from time to time.

Shares of Vakrangee Softwares Ltd last traded in BSE at Rs.66.85, up by Rs.0.10 or 0.15%. The stock hit an intraday high of Rs.67.20 and low of Rs.66.75.

The total traded quantity was 2.18 lakhs compared to 2 week average of 7.32 lakhs.

Source : Equity Bulls

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