Vakrangee would be making application for Payment banks license in the capacity of Corporate Business Correspondent. The company, for this has constituted a committee to be called as Payments Banks committee to look into all the matters and required compliances relating to the Payments Banks on behalf of the Company.
This development comes after RBI issued final norms for payment banks and small finance banks that would allow mobile firms and supermarket chains, among others, to enter the banking arena to cater to individuals and small businesses. The move, aimed at deepening financial inclusion and boost saving habits, comes within seven months of RBI issuing two full-fledged banking licences in April this year after a gap of over a decade.
Vakrangee Softwares is one of the few leading E-Governance service provider in India equipped with cutting edge infrastructure, highly experienced professionals, investment and technological breakthrough on a continual basis in order to maintain time bound completion of critical projects