17,000 new credit cards issued by ICICI linked to wrong users

Vakrangee Limited (VL) has entered into a partnership agreement with TransUnion CIBIL Limited (TUCIBIL), one of India’s largest credit information company regulated by the Reserve Bank of India, to drive financial inclusion by providing easy access to CIBIL Score and Report to consumers through Nextgen Vakrangee Kendra network.

A CIBIL score is essentially an assessment of an individual’s or company credit worthiness and financial health which is used as an indicator for providing loans and credit services. A good credit score can be used by them to bargain for a better interest rate.

Once the service is made available Consumers and businesses will be able to place a request for CIBIL Score and Report and/ or CIBIL Rank and Company Credit Report through a secure service portal through Nextgen Vakrangee Kendra, the company said in a regulatory filing on Wednesday,

With 80% of Nextgen Vakrangee Kendra outlets in Tier-4 and 6 locations, Vakrangee will allow citizens, especially in rural areas to access formal bank loans quickly for their entrepreneurial as well as personal needs.

This partnership will also help to educate the population of India about the significance of credit scores in determining their credit-worthiness and to enable them to better understand their eligibility for loans, cards, and other financial services.

Vakrangee’s consolidated net profit dropped 21.6% to Rs 16.80 crore on a 62.7% decline in net sales to Rs 74.36 crore in Q3 FY21 over Q3 FY20.  Today Vakrangee Ltd dropped 1.27% closing at Rs 50.40.

Vakrangee is a unique technology driven company focused on building India’s largest network of last mile retail outlets to deliver real time banking & Financial Services, ATM, insurance, e-governance, e-commerce, and logistics services to the unserved rural, semi-urban, and urban markets.