RBI renews authorization for white label ATMs to Vakrangee

The Reserve Bank of India (RBI) has provided the Renewal of Authorization to Vakrangee Ltd, said the company on Monday.

The central bank has extended the validity of authorization issued to Vakrangee to setup, own and operate White Label ATMs in India. The validity has been extended till March 31, 2024, said the company in its statement.

The company currently operates 6,283 White Label ATMs and 77 per cent of these are in Tier 4 and 6 locations, said the company in its statement.

"We are happy to announce the Renewal of Authorization of our White Label ATMs business by RBI. ATM is one of the key services offered in our Vakrangee Kendra Business Model and it gives confidence to our customers especially in rural and semi urban centres," said Dinesh Nandwana, MD and Group CEO of Vakrangee.

The company has 24,887 Vakrangee Kendra outlets and 82 per cent are in Tier 5 and 6 locations. Vakrangee Kendra has a range of services across banking, insurance, ATM, financial services, assisted e-commerce, e-governance and logistics.

White Label ATMs are ATMs set up, owned and operated by non-banks. Non-bank ATM operators are authorised under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).

Vakrangee shares on BSE closed 1.34 per cent down at ₹25.80 on BSE.