Vedavaag Systems becomes business correspondent of Punjab National Bank

Vedavaag Systems Limited, a Hyderabad-based e-governance solutions provider, has been selected by Punjab National Bank for empanelment as a business correspondent for financial inclusion.

As a business correspondent, Vedavaag Systems will be responsible for implementing financial inclusion services for Punjab National Bank.

The company is also a national business correspondent for State Bank of India, Baroda UP Bank, and Bank of Baroda with about 3,092 customer service points (CSPs).

Vedavaag Systems becomes business correspondent of Punjab National Bank. Photo courtesy of Meet.arpit99/Wikipedia.org.

Vedavaag Systems’ CSPs are said to have delivered a service volume of more than 2.5 crore transactions per year with a gross transaction value (GTV) of nearly INR 9,714 crores for FI 2020-21.

In a separate development, Vedavaag Systems announced its entry into new age technologies in artificial intelligence (AI) and machine learning (ML) segment by launching a cloud‐based product called Driver Alert Management System (V‐DAMS).