Stocks

Vakrangee gets RBI nod to set up Bharat Bill Payment unit; shares surge 10%

Internet Desk | Updated on September 25, 2020 Published on September 25, 2020

Vakrangee Limited on Friday said it has been granted in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007 from Reserve Bank of India.

The company can now directly handle payment and aggregation of payment services relating to bills under the scope of BBPS.

Nextgen Vakrangee Kendras exclusively offers a comprehensive range of products and services across banking, insurance, ATM, Financial Services, Assisted e-Commerce, e-Governance and logistics.

With 70% of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee shall have direct access to operate as an operating unit under the BBPOU and shall provide the Bill Payment service to its customers in the most remote and hitherto unserved/underserved parts of the country.

After the announcement, the company's shares were locked up in upper circuit of 10 per cent at ₹27.10.

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Published on September 25, 2020
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