Vakrangee Limited has entered into a strategic partnership with Canara Bank to revolutionise rural banking services. This collaboration aims to provide essential financial services to underserved and unbanked communities through Vakrangee Kendras. The share price of Vakrangee is trading higher at 9:20 AM on December 19, 2024, with the stock up by 4% on the NSE.
Under this agreement, Vakrangee Kendras, known for their widespread presence in remote locations, will act as Corporate Business Correspondents (CBCs) for Canara Bank. This partnership ensures access to a broad spectrum of banking services, including:
The alliance aligns with the government’s vision of Atmanirbhar Bharat by enhancing financial, social, and digital inclusion. Vakrangee Kendras operate predominantly in Tier-4 to Tier-6 cities, addressing gaps in rural banking infrastructure. These outlets act as one-stop shops for banking, insurance, e-commerce, and healthcare services.
Vakrangee’s MD, Vedant Nandwana, expressed optimism about the partnership, stating that the initiative will bridge the financial inclusion gap. Combining Vakrangee’s robust reach with Canara Bank’s expertise creates a unique model for delivering modern banking solutions at grassroots levels.
This partnership also enhances Vakrangee’s growth model by introducing scalable solutions in rural areas. Vakrangee Kendras will continue to expand its offerings to meet diverse customer needs, making banking accessible to every Indian.
Founded in 1990, Vakrangee is a pioneer in last-mile distribution, providing real-time financial and logistical services. With a presence across rural and urban markets, Vakrangee is committed to delivering convenience through its physical outlets (Vakrangee Kendras) and the BharatEasy Mobile Super App.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
Published on: Dec 19, 2024, 2:59 PM IST
We're Live on WhatsApp! Join our channel for market insights & updates