Vakrangee gets RBI licence for ATMs

Vakrangee Ltd has received 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 next three years, sources close to the development said. White label ATMs are those that are not run by banks but by a non-banking entity in its own brand name (like Vakrangee ATM) after passing through all stringent qualification and due-diligence process undertaken by RBI. These ATMs will have all functionalities of bank-run ATMs. For the ATM business, Vakrangee will focus more toward sub tier-III towns with huge potential.