Vakrangee Leads Financial Inclusion Initiative in Rural India

          - Grant Thorton Releases Report on 'Financial Inclusion and Rural India – Banking & ATM Sector in India'

          Grant Thornton has done a detailed study and released a report on 'Financial Inclusion and Rural India – Banking & ATM sector in India'.

          Financial inclusion is the key to bridging the social divide and achieving a well distributed, robust and sustainable economic growth. India is the 7th largest economy globally and with a population of more than 1.2 billion people whereby over 2/3rd population residing in rural villages and small town spread over 6,Grant ThorntonGrant Thornton,Grant ThorntonGrant ThorntonGrant Thornton villages and 64Grant Thornton districts.

          The recent initiatives of the Government and RBI have widened the reach of Financial services in far and remote areas by allowing private players to act as Business correspondents and non-bank entities to set up white label ATMs (WLA) across the country.

          Vakrangee has emerged as a leading player at the forefront of driving financial and social inclusion in Rural India. The key highlights and observations from the Grant Thornton report are as follows –

          - Vakrangee is the fastest growing and third largest WLA player in the country. In the ATM segment, Rural share of public sector Banks is 2Grant Thornton%, in private sector it is 9% but the Rural share of WLA is 49%. Thus, indicating WLAs have larger presence across Rural India. Player like Vakrangee has a major share of 66% in Rural India.

          - Vakrangee has over 12,Grant ThorntonGrant ThorntonGrant Thornton BC points, of which 82% are in Rural India.

          - In FY2Grant Thornton18, Vakrangee BC's opened 31.7% of all BSBDAs opened by all BC's in India.

          - Vakrangee is the 13th Largest ATM operator in India. However, in Rural India it is 3rd largest ATM operator behind only SBI and Tata Indicash.

          - When compared to private sector Banks, it ranks over a number of private Banks such as Axis Bank (1,9Grant Thornton5 ATMs), HDFC Bank (1,Grant Thornton63 ATMs) and ICICI Bank (76Grant Thornton ATMs) in Rural India.

          - Banking and ATM throughput from Vakrangee network for FY 2Grant Thornton19 (till 31 December 2Grant Thornton19) is INR 218 billion.

          Link to the Grant Thornton Report : https://www.grantthornton.in/globalassets/1.-member-firms/india/assets/pdfs/financial-inclusion-in-rural-india-28-jan.pdf

          About Vakrangee Limited (BSE: 511431) (NSE: VAKRANGEE)

          Vakrangee is a unique technology driven company focused on building India's largest network of last-mile retail outlets to deliver real-time Banking, ATM, e-governance, e-commerce and logistics services to the unserved rural, semi-urban and urban markets.

          Media Contact:
          Ammeet Sabarwal
          Chief Corporate Communications & Strategy Officer
          ammeets@vakrangee.in 
          Vakrangee Limited
          www.vakrangee.in