Vakrangee Leads Financial Inclusion Initiative in Rural Indi
MUMBAI, India, Jan. 29, 2020 /PRNewswire/ -- Grant Thornton has done a detailed study and released a report on 'Financial Inclusion and Rural India -- Banking & ATM sector in India'.
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 1.2 billion people whereby over 2/3rd population residing in rural villages and small town spread over 6,00,000 villages and 640 districts.
The recent initiatives of the Government and RBI have widened the reach of Financial services in 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.
Vakrangee has emerged as a leading player at the forefront of driving financial and social inclusion in Rural India. The key highlights and observations from the Grant Thornton report are as follows --
- Vakrangee is the fastest growing and third largest WLA player in the country. In the ATM segment, Rural share of public sector Banks is 20%, in private sector it is 9% but the Rural share of WLA is 49%. Thus, indicating WLAs have larger presence across Rural India. Player like Vakrangee has a major share of 66% in Rural India.
- Vakrangee has over 12,000 BC points, of which 82% are in Rural India.
- In FY2018, Vakrangee BC's opened 31.7% of all 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 only 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) is INR 218 billion.
Link to the Grant Thornton Report : https://www.grantthornton.in/globalassets/1.-member-firms/india/assets/pdfs/financial-inclusion-in-rural-india-28-jan.pdf
About Vakrangee Limited (BSE: 511431) (NSE: VAKRANGEE)
Vakrangee is a unique technology driven company focused on building India's largest network of 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.
SOURCE Vakrangee Limited