Hotline: 1800 102 2007
X
Search Business Opportunities
Mar, 19 2019

RBI renews the authorization issued to Vakrangee for White Label ATMs

RBI has extended the validity of Authorization issued to Vakrangee limited to setup, own and operate the White Label ATMs in India.

The Reserve Bank of India (RBI) has provided the Renewal of Authorization for Vakrangee Limited. RBI has extended the validity of Authorization issued to Vakrangee limited to set up, own and operate the White Label ATMs in India. The validity has been extended till March 31, 2020.

Under Scheme “B” opted at the time of grant of authorization, Vakrangee is desired to have Minimum 15,000 ATMs. The ratio of 2:1 would be applicable, i.e. for every 2 WLAs installed in Tier III to VI centres, 1 WLA can be installed in Tier I to II centres. Out of the WLAs installed in Tier III to VI centres, a minimum of 10 % should be installed in Tier V & VI centres.

Vakrangee currently has 3,500 Next Gen Vakrangee Kendra’s spread across 20 states, 340+ districts and 2,000+ postal codes. More than 70% outlets are from Tier 5 and tier 6 cities. Vakrangee’s planned target is to reach at least 25,000 operational Nextgen Vakrangee Kendras by FY 2019-20 and further enhance it to reach 45,000 Nextgen outlets by FY 2020-21 and 75,000 by FY2021-22.

This Nextgen model also embodies technological advancements such as mandatory ATMs that enable the ease of financial transactions; centralized monitoring with the help of CCTV Cameras which would provide remote assistance to the pan-India Kendras, digital advertising through digital signage for brand partners, along with biometric and pin pad devices to enable all kind of payments mechanisms.

Comment
image
Related opportunities
  • Bars, Pubs & Lounge
    About Us: House Of Mandarin offers delicious dining, takeout and delivery..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2018
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 2500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Mumbai Maharashtra
  • Stationery Stores
    About Us:    Tinc is a UK, family-founded company that designs,..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size
    Space required 200
    Franchise Outlets -NA-
    Franchise Type MultiUnit
    Headquater gurgaon Haryana
  • Others Food Service
    About Us: Juclear's prime focus is serving affordable fresh fruit juices..
    Locations looking for expansion Delhi
    Establishment year 2018
    Franchising Launch Date 2019
    Investment size Rs. 5lac - 10lac
    Space required 80
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Furniture/Home Decor & Furnishing
    About Us: Interiors & More is a part of the prestigious..
    Locations looking for expansion Maharashtra
    Establishment year 2008
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 700
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai Maharashtra
Insta-Subscribe to
Entrepreneur
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities