“The company has been granted In-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007 from Reserve Bank of India (RBI). Vakrangee
can now directly handle payment and aggregation of payment services relating to bills under the scope of BBPS,” Vakrangee
said in a press release.
Adding: "Nextgen Vakrangee Kendras exclusively offers a comprehensive range of products and services across banking, insurance, ATM, Financial Services, Assisted e-Commerce, e-Governance and logistics. With 70 per cent of its Nextgen outlets in Tier-5 and 6 towns, Vakrangee shall have direct access to operate as an operating unit under the BBPOU and shall provide the Bill Payment service to its customers in the most remote and hitherto unserved/underserved parts of the country."
Despite the 10 per cent surge on Friday, the stock has underperformed the market by falling 19 per cent in past three months, as against 7 per cent rally in the S&P BSE Sensex. The stock had hit a multi-year low of Rs 17.10 on April 7, 2020. It had hit a 52-week high of Rs 56 on January 28, 2020 and an all-time high of Rs 515 on January 24, 2018.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.