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Karnataka Bank joins forces with Vakrangee

Oct 26, 2023

By: BlinkX Research Team

Karnataka Bank has forged a strategic alliance with Vakrangee Limited (VL) to extend Business Correspondent (BC) Banking services across India through Vakrangee Kendra outlets. Vakrangee has established itself as a prominent player in financial inclusion, boasting over 14,000 Banking BC points and ranking as the fourth-largest ATM operator in rural India, with a network of 6,300+ ATMs.

Shri Srikrishnan H, MD & CEO of Karnataka Bank, emphasized the institution's unwavering commitment to inclusivity and providing last-mile financial services to the underbanked and unbanked. He stated that this collaboration underscores their dedication to expanding resources for enhanced financial inclusion, making banking services accessible to individuals from all walks of life.

Shri Sekhar Rao, Executive Director, highlighted that the partnership with Vakrangee Limited (VL) would facilitate rapid scalability, swift onboarding, and activation of Banking BC point services. This aligns with their goals of promoting Financial, Social, and Digital Inclusion. Additionally, the partnership aims to offer biometric-enabled digital AePS banking services through Vakrangee outlets, catering to an untapped customer base in the remotest parts of the nation.