Vakrangee Gets RBI Nod To Set Up Bharat Bill Payment Unit
Vakrangee Ltd. on Friday said the Reserve Bank had granted in-principle approval to set up Bharat Bill Payment Operating Unit to handle payment services related to bills.
Vakrangee has received in-principle authorisation to set up and operate BBPOU under the Payment and Settlement Systems Act, 2007 from the Reserve Bank of India, it said in a release.
The company offers banking, insurance, money transfer services, e-commerce, e-governance and other digital services on behalf of its partner banks, insurers, government agencies, e-commerce players among others through its branches mostly located in rural and semi-urban areas.
"Vakrangee can now directly handle payment and aggregation of payment services relating to bills under the scope Bharat Bill Payment System," the company said.
With 70% of its Nextgen outlets in tier-5 and tier-6 towns, Vakrangee will have direct access to operate as a unit under BBPOU and provide the bill payment service to its customers in the most remote and hitherto unserved/ underserved parts of the country, it said.
"We believe that these NextGen outlets will enable every Indian to seamlessly benefit from financial inclusion, social inclusion, digital India, skill development, employment, government programmes and wider access to basic goods and service," said Dinesh Nandwana, managing director and group CEO, Vakrangee Ltd.