Vakrangee Ltd on Friday mentioned the Reserve Bank has granted in-principle approval to arrange Bharat Invoice Fee Working Unit (BBPOU) to deal with fee providers associated to payments.
Vakrangee (VL) has acquired in-principle authorisation to arrange and function BBPOU below the Fee and Settlement Methods Act, 2007 from the Reserve Bank of India (RBI), it mentioned in a launch.
The corporate gives banking, insurance coverage, cash switch providers, e-commerce, e-governance and different digital providers on behalf of its companion banks, insurers, authorities businesses, e-commerce gamers amongst others by way of its branches largely situated 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),” the corporate mentioned.
With 70 per cent of its Nextgen shops in tier-5 and 6 cities, Vakrangee could have direct entry to function as a unit below BBPOU and supply the invoice fee service to its clients in probably the most distant and hitherto unserved/ underserved elements of the nation, it mentioned.
“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,” mentioned Dinesh Nandwana, Managing Director & Group CEO, Vakrangee Ltd.