Vakrangee Limited (VL), one of India’s largest last-mile distribution platforms, has entered into a strategic partnership with Bangiya Gramin Vikash Bank (BGVB). Through this collaboration, Vakrangee will serve as a Corporate Business Correspondent (CBC) and offer banking services via its extensive network of Vakrangee Kendras. This partnership will expand Vakrangee’s footprint in rural West Bengal and boost financial inclusion in the region.
Key Services Offered Through the Partnership:
- Account Services: Savings, BSBD, Current, Fixed/Recurring/Term Deposit accounts
- Transaction Services: Deposits, withdrawals, fund transfers
- Loan Services: Loan recovery, lead generation for loan products
- Additional Services:
- Debit card applications and blocking
- Credit card services
- Insurance products: Life, Health, Motor
- Mutual fund services
- Passbook updates, balance inquiries, mini-statements
- SMS/email statement requests, mobile/Aadhaar seeding
- Cheque services: Collection, new book requests, stop payments, status inquiries
- Social security scheme enrollment and renewals (PMSBY, PMJJBY, APY)
- Pension life certificate generation
Benefits of the Partnership:
- Enhanced Presence in Rural West Bengal: Vakrangee will leverage BGVB’s local expertise to expand its network and reach underserved areas.
- Financial Inclusion: The partnership aims to deliver essential banking services to underserved and unbanked populations in remote areas.
- Scalability for Vakrangee’s Growth: Offering banking services at Vakrangee Kendras will support the company’s expansion model.
- Alignment with Government Initiatives: This partnership supports the government’s objectives for financial, social, and digital inclusion.
- Customer Convenience: Vakrangee Kendras will act as one-stop centers offering banking, insurance, ATM services, e-commerce, e-governance, and healthcare.
Vakrangee’s Vision and Future Plans:
Vakrangee is committed to making banking services more accessible, especially in rural regions. The company aims to transform rural banking and contribute to the Atmanirbhar Bharat (self-reliant India) vision. Moving forward, Vakrangee plans to continue expanding its range of products and services and form additional partnerships to offer comprehensive solutions to customer needs. The company strives to become the most trusted physical and online convenience provider in India, embracing its brand philosophy of “AB Poori Duniya Pados Mein” (now the whole world is in your neighborhood).
This partnership was officially announced on November 20, 2024, in a communication to the Department of Corporate Relationship at BSE Ltd. and the Corporate Relationship Department at the National Stock Exchange of India Ltd.
