Vakrangee & Bank of Baroda Join Together to Onboard Women Business Correspondents

Banking, e-governance and logistics service provider, Vakrangee has ventured into partnership agreement with Bank of Baroda to appoint Women Business Correspondents (BC) Sakhis and to extend its banking services in Uttar Pradesh.

Vakrangee would associate with Bank of Baroda for the Uttar Pradesh State Rural Livelihood Mission (UPSRLM) to on-board nearly 1554 BC Sakhis in the Raebareli and Lucknow districts of Uttar Pradesh.

However, the project that is being implemented, as the part of UPSRLM's mission to hire and prioritise Women as business correspondent Sakhis or Banking Agents across all the districts of the state. Vakrangee is one of the partners and facilitators that is engaged for the project to on-board and offer training and handholding to these business correspondents Sakhis. Moreover, the project is intending to enhance the banking access in rural UP and to improve the household income of women members as well.

This move would further aid in extending the financial inclusion in the state of Uttar Pradesh. Business Correspondents have played a significant role in the current ongoing pandemic acting as a Direct Benefit Transfer collection point and ensuring that the hazzle-free Banking services are available to citizens.

Commenting on the collaboration, Dinesh Nandwana, Managing Director & Group CEO, Vakrangee says, "Vakrangee has always been a responsible and socially conscious company. Gender Equality is fundamental to our philosophy and core DNA of being a social equalizer. We strive to build a workplace culture with gender Diversity and believe it is core to the success and growth of our company. We are happy to announce this partnership with Bank of Baroda which enables us to focus and prioritize having Women Banking BC agents in the state of Uttar Pradesh. Our outlets will be able to offer a range of banking services. Our Kendras are aligned with Government's vision of Financial, Social and Digital Inclusion by reaching out to the remotest parts of the country where basic banking services are not available."

Furthermore, the company’s shares have gained Rs.1.45, or 2.48 percent, to settle at Rs. 59.90. And the total volume of the shares that has been traded was 729,898 at the BSE.