Vakrangee has announced its partnership with the Central Bank of India to provide banking services across rural and urban areas of the country. This collaboration positions Vakrangee as a Corporate Business Correspondent (CBC) for the bank, significantly expanding its reach to underserved and unserved regions.
Under this partnership, Vakrangee will leverage its vast network of over 14,000 Banking Business Correspondent points and 6,000+ ATMs in rural India. The initiative is expected to strengthen financial inclusion by providing critical banking services, including account opening, deposits, loans, insurance, and utility bill payments.
The services offered under this partnership include:
- Opening savings and fixed deposit accounts.
- Public Provident Fund and Sukanya Samridhi Scheme enrollments.
- Loan facilitation for agriculture, personal, home, and vehicle purposes.
- Insurance services, including life, health, and motor insurance.
- Cheque book, passbook, and debit card updates.
- Aadhaar linking and pension authentication through Jeevan Pramaan.
Vakrangee’s Managing Director, Vedant Nandwana, highlighted the alignment of this partnership with the company’s Vision 2030 strategy, which aims to expand operational Vakrangee Kendras to 300,000 by 2030. This initiative supports the government’s push for financial, social, and digital inclusion, providing convenient, localized banking solutions to remote areas.
