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Karnataka Bank has partnered with Vakrangee to expand its Business Correspondent (BC) Banking services across India. With Vakrangee's extensive network of over 14,000 Banking BC points and more than 6,300 ATMs, Karnataka Bank aims to provide banking services to underserved areas and bridge the gap in financial inclusion. The collaboration will offer convenient banking solutions through Vakrangee Kendra outlets, allowing customers to perform various financial transactions.
Srikrishnan H, MD & CEO of Karnataka Bank, emphasized the bank's commitment to inclusivity, while Sekhar Rao, executive director, highlighted the scalability and activation of BC services through the partnership, including biometric-enabled digital AePS (Aadhaar-enabled Payment System) banking services.
Karnataka Bank offer a wide range of customized products and services, including loans, deposits, and international banking solutions.
Vakrangee has become India's leading last mile distribution platform, offering a comprehensive physical and digital ecosystem across the country. Their services include real-time banking, financial services, ATM facilities, insurance, e-governance, e-commerce (including healthcare services), and logistics. With a focus on rural, semi-urban, and urban markets, Vakrangee is driving financial, social, and digital inclusion for the Indian population.
Shares of Karnataka Bank rose 0.78% to Rs 225.70 while shares of Vakrangee fell 1.58% to Rs 17.45 on 25 October 2023.
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