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’ 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).