26,000 Vakrangee Kendras Ease Demonetisation Pressure, Push Government's Digital Initiative

MUMBAI, December 27, 2016 /PRNewswire/ --

Vakrangee Limited has emerged as a forefront player providing support to the Banks to execute the Government's demonetisation move. Through its wide network of 26,000+ Vakrangee Kendras across 16 states, it continues to support India's banking sector by strengthening its digital infrastructure. It is alleviating people's difficulties by enabling them to open new bank accounts, deposit obsolete currency into their bank accounts and withdrawing the new instruments. 

Amidst these trying times of liquidity crunch, Vakrangee Limited, a technology driven company, is at the forefront in providing support to the Government in its crack down on black money, push for digital India and easing the demonetisation pressure by strengthening the digital infrastructure of banks. In addition to India's public and private sector banks, Vakrangee too is supporting the Government in its demonetisation move by alleviating the difficulties faced by the citizens. It is servicing the lower half of the pyramid through its wide network of 26,000+ Vakrangee Kendras spread in the rural, urban and semi-urban areas of India.

Vakrangee Kendras are the business correspondents for several leading banks of India, including the State Bank of India, Bank of Baroda, Bank of India, Union Bank, Allahabad Bank, Punjab National Bank, Central Bank of India, State Bank of Bikaner and Jaipur, Bank of Maharashtra, Vidarbha Kshetriya Gramin Bank, Baroda Gujarat Gramin Bank, Rajasthan Marudhara Gramin Bank, Maharashtra Gramin Bank, Baroda UP Gramin Bank, Baroda Rajasthan Kshetriya Gramin Bank and the Kashi Gomti Samyukta Gramin Bank.

The Company provides Aadhaar enabled E-KYC services and Inter-operable transaction services such as Bank Account Opening, Cash Withdrawal / Deposit, Fund Transfer and Remittance. All these services are rendered on a real-time basis with Vakrangee being directly connected to the Core Banking Server (CBS) of these banks through its Pass Through Server (PTS). This is the most secured way of banking as all these banking services happen through Aadhaar Enabled Payment system (AEPS).

Under the Pradhan Mantri Jan Dhan Yojana, those without any bank account can visit these Kendras and get a bank account opened in just 3 minutes. Except the Aadhaar number, there is no other documentation required for identification purposes for opening a new account.

"All an individual needs to do is get the biometric authentication done. India's unbanked population can utilise the opportunity to not only deposit their old currency, but also include themselves under India's 'banking net' without incurring any transaction charges. We provide real time Paperless Banking through the Aadhaar enabled payment system," said Mr. Dinesh Nandwana, Managing Director and CEO, Vakrangee Limited.

Vakrangee Kendra - the World's Biggest E-Mall 

Vakrangee is focussed on building the country's largest technology driven last mile retail touch point network. Through these Kendras, Vakrangee delivers real-time services to the unserved and under-served citizens in the rural and urban landscape across Banking, Insurance, e-Governance, e-Commerce and Logistics platforms. It, thus, acts as a one-stop shop for over 65 million products and multiple services, emerging as the world's biggest E-Mall.
Vakrangee has an exclusive tie-up with Amazon India, through which it provides access to 65 million products through its 'Assisted e-Commerce' model. The company's support to government for demonetisation has unexpectedly benefited cash-strapped consumers who have been unable to buy goods from 'Mom and Pop' stores due to the old denominated notes being unaccepted. At a Vakrangee Kendra, the consumer can deposit the old notes into his bank account, purchase goods and render other services using fund transfer to the franchisee wallet facility available at the Kendra.
"In addition to Banking, we also provide e-Governance, Insurance and Assisted e-Commerce services, which are completely paperless through our digital technology driven platform. Other cashless payment facility options such as card swipe or fund transfer to franchisee wallet are also available. Through this, our business model not only enhances the Government's Digital and Cashless initiatives, but also provides significant convenience to customers," said Mr. Nandwana. 
Also recently, Vakrangee entered into an exclusive strategic tie-up with Indian Oil Corporation Limited (IOCL), India's largest commercial enterprise. The alliance with IOCL enables the opening of a Vakrangee Kendra outlet at their fuel stations, giving Vakrangee a clear competitive advantage in the marketplace. The Company vision is to create, set up and manage overall 75,000 Vakrangee Kendras Business Correspondent bank branches (50,000 rural and 25,000 urban Vakrangee Kendras), covering each Postal Code of India by 2020.

Dickenson Financial PR manages investor relations and financial PR for Vakrangee Limited.

About Vakrangee Limited
Vakrangee Limited is India's largest e-Governance player functioning as a systems integrator and end-to-end service provider for various e-Governance projects with an experience of over two decades. It has built an extensive delivery network for its services in the form of Vakrangee Kendras in almost 16 states across India.
We are a systems integrator and IT enabled solutions provider in the Indian e-Governance space with strong capabilities in document management system. With a footprint across India, we have the first mover advantage to leverage the huge opportunity from the Rs. 1.1 trillion Digital India mission. We have a strong track record of successfully implementing various time-bound mission mode projects under the National e-Governance Plan. We leverage our technology platform, impeccable track record on the national e-Governance plan and delivery network to enter new businesses in the area of financial inclusion.
Through the Vakrangee Kendras, it is delivering real-time services to the unserved and under-served citizens in rural and urban landscape across banking, insurance, e-Governance, e-Commerce and logistics platforms.
The Company is listed on the Bombay Stock Exchange (BSE) (BSE: 511431) and the National Stock Exchange (NSE) (NSE: VAKRANGEE, ISIN: INE051B01021), with a market capitalisation of Rs. 8,408~ crore as on 26th December 2016.

About Dickenson
Dickenson is amongst India's foremost Investor Relations and Financial PR specialists. Based in Mumbai, the agency represents small-to-large cap listed companies for their engagement with the financial marketplace and the financial media. For more information on Dickenson, visit our website http://www.dickensonir.com . Dickenson Financial PR manages Investor Relations and Financial PR for Vakrangee. If you require further information or corporate access to Vakrangee Limited, you may contact us and we shall be happy to make the arrangements.


Media Contact:
Manoj Rathi
Vakrangee Limited
[email protected]
+91-9167766707