View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
  2. Company news
September 28, 2020

Vakrangee secures central bank approval to launch Bharat Bill Payment unit

Indian technology company Vakrangee has received in-principle approval from the Reserve Bank of India (RBI) to set up a new bill payments unit.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

Vakrangee can now set up and operate Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act 2007 from RBI, the country’s central bank.

The company will now be able to handle payment services related to bills.

Vakrangee offers banking, insurance, money transfer services, e-commerce, e-governance, and other digital services on behalf of its partner banks, insurers, government agencies, e-commerce players among others.

The company operates through its branches, which are mainly located in rural and semi-urban areas across the country.

In a statement, Vakrangee said: “Vakrangee can now directly handle payment and aggregation of payment services relating to bills under the scope of Bharat Bill Payment System (BBPS).”

Vakrangee said that 70% of its NextGen outlets are based in tier-5 and 6 towns, where it will have direct access to operate as a unit of BBPOU.

It will provide bill payment services to its customers in the most remote and previously underserved areas across the country.

Vakrangee managing director and group CEO Dinesh Nandwana said: “We believe that these NextGen outlets will enable every Indian to seamlessly benefit from financial inclusion, social inclusion, digital India, skill development, employment, government programmes and wider access to basic goods and services.”

RBI’s nod allows the company to offer a bunch of services to Indians via its ‘Vakrangee Kendras’.

Currently, Vakrangee has more than 34,200 such outlets, of which more than 10,000 are operational and the remaining 24,200 are under the onboarding process.

These outlets are located across 32 states and union territories, serving more than 560 districts and as many as 7,250 postal codes.

This year, Vakrangee aims to establish at least 25,000 Nextgen Vakrangee Kendras.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Electronic Payments International