Vakrangee Ltd announced that it has received the final nod from the Reserve Bank of India (RBI) to set up Bharat Bill Payment Operating Unit (BBPOU) for handling payment services related to bills.
On Friday, Vakrangee (VL) has received in-principle authorisation for setting-up and operate BBPOU under the Payment and Settlement Systems Act, 2007 from the Reserve Bank of India (RBI), said the official communiqué.
The company provides services pertaining to 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 of BBPS (Bharat Bill Payment System),” said the company.
It further said that with 70 percent of its Nextgen outlets available in tier-5 and 6 towns, Vakrangee will get the direct access for operating as a unit under BBPOU and offer the bill payment service to its customers in the most underserved parts of the country.
“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 a wider access to basic goods and service,” said Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd.