Vakrangee, a company focused on building the largest network of retail direct service stores in India, announced it has received authorization in principle to establish and operate the Bharat Bill Payment operating unit (BBPOU), in compliance with the Payment and Settlement Systems Act 2007 of the Reserve Bank of India (RBI).
Vakrangee can now manage payment bundling and payment services related to BBPS invoices directly, the Company said in its press release.
NextGen Vakrangee Kendas exclusively offers a wide range of products and services such as banking, insurance, ATMs, financial services, assisted electronic commerce, e-government and logistics services. With 70% of its NextGen stores located in level 5 and 6 towns, Vakrangee will have a free hand to function as a BBPOU operating unit, and will provide the bill payment service to its customers in the most remote and to date deprived locations. services or reduced services.
Commenting on the development, Dinesh Nandwana , Managing Director and Managing Director of Vakrangee Ltd Group , says: “We are happy to announce that RBI has granted us authorization in principle to establish and operate the Bharat Bill Payment operating unit. Invoice payment is one of the main services to offer in our business model with NextGen Vakrangee Kendra, which generates confidence in our clients, especially those in rural or semi-urban centers.”
“We believe that these NextGen stores will bring benefits to all the people of India by allowing them more direct access to financial inclusion, social inclusion, digital India , skills development, employability, government programs and greater access to basic goods and services,” Nandwana added.
Vakrangee currently has more than 34,200 customer service stores (more than 10,000 operating and more than 24,200 in the process of incorporation), which are distributed in 32 states and territories of the union, covering more than 560 districts and 7,250 zip codes. Over 70% of these stores are in Tier 5 and 6 populations.
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