Vakrangee ties up with Punjab National Bank to offer BC banking services

Vakrangee Limited (VL) said that it has forged a partnership with Punjab National Bank (PNB) to offer business correspondent (BC) banking services across India at its Nextgen Vakrangee Kendra outlets.

The India-based technology driven company claims to have over 13,000 banking BC points and is the fourth largest ATM operator in rural India with 5,400 plus ATMs.

According to Vakrangee, the tie-up with Punjab National Bank will result in high scalability, quicker on-boarding, and activation of banking BC point services at all NextGen Kendras in India.

The financial inclusion player will offer important banking services such as customer enrolment via digital eKYC solution, opening of all saving account especially BSBD account and other deposit accounts, interoperable banking, and social security schemes among others.

Vakrangee ties up with Punjab National Bank to offer BC banking services. Photo courtesy of Sahilsheth15/Wikimedia Commons.

Vakrangee said that it plans to provide bio-metric enabled digital banking services at its NextGen outlets along with Punjab National Bank to enable reach even in the remotest areas of India and also access to a unique untouched customer base and help them in accessing the banking services along with various other services.

Dinesh Nandwana — Managing Director and Group CEO of Vakrangee said: “We are happy and honored to announce this partnership with Punjab National Bank (PNB) which enables us to having Banking BC point services across our NextGen vakrangee kendras on a Pan India basis.

“We are well on track with respect to our growth strategy to increase our Operational NextGen kendras to 25,000 by March 2022 and to 75,000 by March 2026.

“This tie up further ensures scalability to our growth model as we would be able to on-board and activate Banking services at our NextGen kendras.”