RBI renews authorization issued to Vakrangee for White Label ATMs
Date: 10-03-2022Reserve Bank of India (RBI) has provided renewal of authorization for Vakrangee. RBI has extended the validity of authorization issued to Vakrangee to setup, own, and operate White Label ATMs (WLA) in India. The validity has been extended till March 31, 2023.
RBI had assigned a target of minimum 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. The ATMs deployed shall be in the ratio of 1:2:3 for Metro & Urban, Semi-Urban and Rural regions respectively.
Vakrangee is the unique technology driven company focused on building India's largest network of last mile retail outlets to deliver real time banking & Financial Services, ATM, insurance, e-governance, ecommerce and logistics services to the un-served rural, semi-urban and urban markets.