Vakrangee share price surges 10% after RBI grants to set-up BBPOU

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Vakrangee share price surged 10 percent intraday on September 25 after company received in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit.

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).

Company can now directly handle payment and aggregation of payment services relating to bills under the scope of BBPS.

“We are happy to announce that we have been grated In-Principle Authorisation to set-up and operate Bharat Bill Payment Operating Unit by RBI. Bill Payment service is one of the key services offered in our Nextgen Vakrangee Kendra Business Model and it gives confidence to our customers especially in Rural and Semi Urban centres," said Dinesh Nandwana, Managing Director & Group CEO, Vakrangee.

At 13:00 hrs Vakrangee was quoting at Rs 26.80, up Rs 2.15, or 8.72 percent on the BSE.