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Vakrangee Ltd has received the Reserve Bank of India’s final authorisation of the White Label ATM licence.
Under this licence, Vakrangee is entitled to set up and run minimum 15,000 ATMs across the country in the next three years, sources close to the development said.
White-label ATMs are those which are not run by the banks but by a non-banking entity in its own brand name (like Vakrangee ATM) after passing through all the stringent qualification and due-diligence process undertaken by the RBI.
These ATMs will have all the functionalities like that of a bank-run ATMs.
For the ATM business, Vakrangee will focus more towards sub Tier-III towns with huge potential.
The White-Label ATM business is a strategic fit for Vakrangee’s current business of rural bank branch management wherein brick and mortar bank branches (as common business correspondents) are set up by this company for the public sector banks.
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