Vakrangee Shares Rally 5% On Partnering With Canara Bank For Banking Services

On Monday, Vakrangee shares of IT company Vakrangee Limited surged around 5 per cent to an intraday high of Rs 34.81 per share from its previous closing of Rs 33.14 per share. The stock's 52-week high is Rs 37.69 and its 52-week low is Rs 18.45. The company has a market cap of over Rs 3,740 crore with multibagger returns of over 80 per cent in 1 year.

This followed an agreement between Vakrangee Limited (VL) and Canara Bank as a Corporate Business Correspondent (CBC) for the provision of banking services via Vakrangee Kendra networks. The company's geographical coverage will be expanded by this agreement, which will guarantee effective supported banking service delivery and provide convenient access to a variety of banking options in the most isolated and underserved areas.

Through this partnership, underserved and unbanked individuals in the bank's East Zone will receive a full range of financial services via Vakrangee's vast network of Kendras. By strengthening rural banking infrastructure, the partnership will guarantee easy access to key financial services in the most isolated and underserved regions. It demonstrates Vakrangee's steadfast dedication to closing the disparity in financial inclusion and improving rural banking services.

Mr. Vedant Nandwana, Managing Director, Vakrangee Ltd. said, "Our collaboration with Canara Bank underscores our vision to make banking services accessible to every Indian, particularly in rural and remote areas. This partnership aligns with our shared vision of creating a financially inclusive India and represents a transformative step in delivering modern banking services to the grassroots level."

He added, "This alliance not only advances the vision of 'Atmanirbhar Bharat' but also ensures scalability to our growth model, enabling us to activate and expand banking services through our Vakrangee Kendras network. By combining Vakrangee's vast reach with Canara Bank's banking expertise, this partnership is poised to revolutionize rural banking services and deliver meaningful impact to India's remotest corners".

"Our Kendras are aligned with the Government's vision of Financial, Social and Digital Inclusion by reaching out to the remotest parts of the country where basic banking services are not available. Our Vakrangee Kendra acts as a one-stop shop for the local customers offering them a bouquet of services and thus providing them the convenience, at the same time aiding them with Financial, Social and Digital Inclusion." Vedant Nandwana commented.

Exclusively branded stores, Vakrangee Kendras provide a wide range of banking, insurance, ATMs, supported e-commerce, e-Government, and total healthcare products and services. With 83% of Vakrangee Kendra's stores located in Tiers 4-6, this partnership will allow Vakrangee to provide financial services to its clients even in the most isolated regions of the nation.

With a physical and digital ecosystem in place and a presence throughout India, Vakrangee, which was founded in 1990, has grown to become one of the largest last-mile distribution platforms in India. In order to help Indians get access to financial, social, and digital inclusion, we are providing real-time banking and financial services, ATMs, insurance, e-Government, e-Commerce (including healthcare services), and logistics services to underserved rural, semi-urban, and metropolitan areas.