Vakrangee share price rallied over 4% on Tuesday after the company announced renewal of its agreement with Bank of Baroda for providing banking services on a pan India basis. Vakrangee shares gained as much as 4.45% to a high of ₹34.73 apiece on the BSE.
Vakrangee has renewed its agreement with the Bank of Baroda (BOB) to continue offering Business Correspondent (BC) banking and comprehensive Financial Inclusion (FI) services across Pan India through Vakrangee Kendra outlets.
The company has more than 14,000 Banking BC points. This renewal with Bank of Baroda would ensure sustainable growth and activation of Banking BC point services at all Vakrangee Kendra across the country, Vakrangee said in a regulatory filing on January 6.
This tie-up enables Vakrangee Kendra outlets to offer a wide range of banking services, including account opening, cash deposits, withdrawals, balance inquiries, social security scheme viz PMSBY, PMJJBY & APY and other financial services, ensuring last-mile connectivity for customers across urban, semi-urban, and rural locations, it added.
“With this collaboration, we aim to offer a comprehensive range of banking services, ranging from account opening and deposits to withdrawals and loan facilitation, thereby creating a significant impact in rural and semi-urban communities,” said Vedant Nandwana, Managing Director, Vakrangee Ltd.
Vakrangee currently has 21,912 Vakrangee Kendra outlets spread across 31 States & UTs, 576 districts and 5,424 postal codes. 83% outlets in Tier 4 & 6 locations.
Vakrangee Stock Price Trend
Vakrangee share price has risen over 28% in one month and jumped more than 50% in six months. In the past one year, the small-cap stock has gained 59%.
Vakrangee shares hit a 52-week high of ₹37.72 apiece on October 01, 2024, and a 52-week low of ₹18.45 apiece on June 04, 2024. The stock is down 8% from its 52-week high.
At 10:55 AM, Vakrangee shares were trading 1.50% higher at ₹33.75 apiece on the BSE.
