Introduction:
IT stock has partnered with the Central Bank of India to offer banking services across India. The collaboration aims to expand financial inclusion, particularly in rural and underserved regions, by providing key banking services through its extensive network of banking points and ATMs.
Share Price movement of Vakrangee Ltd:
On December 2, 2024, Vakrangee Ltd (NSE: VAKRANGEE) opened at ₹25.40, hitting an intraday high of ₹26.50 and a low of ₹24.85. The stock is currently trading at ₹26.50, up 5.00%, with a market cap of ₹2,856.27 crore.
Vakrangee Ltd’s New Partnership:
Vakrangee Limited has partnered with the Central Bank of India to offer banking services across India as a Corporate Business Correspondent (CBC). This collaboration aims to provide seamless, assisted banking services to the remotest parts of the country, focusing on financial inclusion for underserved regions.
The partnership will expand Vakrangee’s presence, leveraging its over 14,000 banking BC points network and 6,000+ ATMs, particularly in rural India. Key services will include savings and current accounts, deposits, loans, insurance products, and agricultural finance, all aimed at enhancing access to essential banking services nationwide.
Vakrangee will facilitate several banking functions such as cash deposits, withdrawals, fund transfers, loan recovery, micro-insurance enrollments, and utility bill payments through the Bharat Bill Payment System (BBPS). This collaboration will significantly improve banking accessibility and financial services across rural and urban areas.
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Recent news About Vakrangee Ltd:
On November 20, 2024, Vakrangee Limited partnered with Bangiya Gramin Vikash Bank to provide banking services through its Vakrangee Kendra network in rural West Bengal. The collaboration focuses on enhancing financial inclusion by offering services like savings accounts, loans, insurance, and utility bill payments in underserved areas.
Stock performance of Vakrangee Ltd for Period of 1 week, 6 months and 1 year:
Vakrangee Ltd has shown a 6.50% return over the past week, reflecting positive short-term performance. Over the last 6 months, the stock gained 13.7%, and over the past year, it delivered a strong 35.0% return, indicating robust long-term growth.
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Shareholding pattern of Vakrangee Ltd:
| All values in % | Sep-24 | Jun-24 | Mar-24 |
| Promoters | 41.67 | 41.92 | 42.6 |
| FII | 2.74 | 2.93 | 3.07 |
| DII | 5.13 | 6.18 | 6.29 |
| Retail & others | 50.47 | 48.97 | 48.04 |
About Vakrangee Ltd:
Vakrangee Ltd is a leading technology-driven company focused on financial inclusion and digital transformation. It operates an extensive network of banking points, ATMs, and retail outlets, offering a wide range of services including banking, insurance, and e-commerce solutions across India.
Disclaimer: The above article is written for educational purposes, and the companies’ data mentioned in the article may change with respect to time The securities quoted are exemplary and are not recommendatory.
