Vakrangee is planning to set up around 3,000 ATMs in the next three years as per Renewal of Authorization by the Reserve Bank of India (RBI).
RBI has extended the validity of authorization issued to Vakrangee to setup, own and operate the White Label ATMs (WLA) in India till March 31, 2021.
RBI has 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 and would be applicable for metro-urban, semi-urban and rural regions respectively.
Commenting on this renewal, Dinesh Nandwana, Managing Director & Group CEO, Vakrangee said, “We are happy to announce Renewal of Authorization of our white label ATM business by RBI. ATM is one of the key services offered in our Nextgen Vakrangee Kendra business model and it gives confidence to our customers especially in rural and semi-urban centres.”
Vakrangee currently has 23,000+ (10,000+ operational & 13,000+ under on-boarding process) outlets which is spread across 30 states & UTs, 500+ districts and 6,150+ postal codes. More than 70% of these outlets are in tier 5 and 6 towns. Vakrangee’s planned target is to reach at least 25,000 Nextgen Vakrangee Kendras by 2020 and further enhance it to reach 300,000 Nextgen outlets by FY2024-25.