Vakrangee has emerged as the fastest growing and third largest white label ATMs (WLA) player in the country. In the ATM segment, rural share of public sector banks is 20 percent, in private sector it is 9 percent but in WLA, rural share is 49 percent. Thus, indicating WLAs have larger presence across rural India. Player like Vakrangee has a major share of 66 percent in rural India, a Grant Thornton study on ‘Financial Inclusion in Rural India – Banking & ATM sector in India’ has reported.
The recent initiatives of the Government and Reserve Bank of India (RBI) have widened the reach of financial services to far and remote areas by allowing private players to act as business correspondents and non-bank entities to set up white label ATMs (WLA) across the country.
According to the study, Vakrangee has over 12,000 business correspondents (BC points), of which 82 percent are based in rural India. In FY2018, Vakrangee BC’s opened 31.7 percent of all basic savings bank deposit account (BSBDAs) opened by all BC’s in India. Vakrangee is the 13th Largest ATM operator in India. However, in rural India it is 3rd largest ATM operator behind State Bank of India (SBI) and Tata Indicash.
When compared to private sector banks, it ranks over a number of private banks such as Axis Bank (1,905 ATMs), HDFC Bank (1,063 ATMs) and ICICI Bank (760 ATMs) in rural India. Banking and ATM throughput from Vakrangee network for FY 2019 till 31 December 2019 has been Rs 218 billion, the study states.
Financial inclusion is the key to bridging the social divide and achieving a well distributed, robust and sustainable economic growth. India is the 7th largest economy globally and with a population of more than 1.23 billion people whereby over two third population residing in rural villages and small town spread over 6,43,000 villages and 640 districts.
Vakrangee is a technology driven company focused on building last-mile retail outlets to deliver real-time banking, ATM, e-governance, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.