In a significant development for India’s banking technology sector, Vortex Engineering Private Limited, a subsidiary of Vakrangee Limited, has entered into a Service Level Agreement (SLA) with UCO Bank. This agreement marks a major step towards strengthening India’s digital banking ecosystem, especially in underserved regions.

Under the terms of the agreement, Vortex will supply, install, and maintain 300 new Automated Teller Machines (ATMs) over a period of seven years. The total contract value for this engagement stands at Rs. 12.81 crore, reflecting a strong commitment from both parties to enhance financial inclusion and last-mile connectivity through technology.

A Strategic Partnership for Digital Growth

The contract underscores the importance of deploying robust and sustainable ATM infrastructure, especially in an era where cashless and digital transactions are surging. Vortex Engineering, with its legacy of innovation and energy-efficient designs, is known for crafting solutions specifically tailored to India’s geographic and economic landscape.

UCO Bank, one of India’s leading public sector banks, aims to expand its ATM footprint and modernise its self-service banking infrastructure. Through this agreement, both institutions will collaboratively work towards improving accessibility, uptime, and user experience across banking channels.

Vortex’s Legacy of ATM Innovation

Founded with a vision to democratise banking access, Vortex Engineering has already deployed over 14,000 ATMs across varied terrains in India. The company’s core strengths lie in:

• Energy-efficient designs that lower operational costs

• End-to-end ATM deployment and support solutions

• Patented cash dispensing technologies that enhance security and reliability

• A strong emphasis on indigenous manufacturing and alignment with the Make-in-India initiative

Vortex holds nine registered patents, a testament to its innovation-driven approach in banking automation. These patented innovations offer custom solutions suited for both urban and rural banking needs.

Technology-Driven Maintenance with PERFO

To manage and monitor these ATMs efficiently, Vortex will employ its proprietary platform ‘PERFO’, which stands for Performance Optimisation. This next-generation remote monitoring solution allows:

• Cross-platform and vendor-neutral compatibility

• Real-time performance tracking and predictive maintenance

• Centralised ATM fleet management for enhanced operational efficiency

This software is scalable and secure, making it a critical enabler in ensuring the high uptime of machines — a necessity for both banks and customers alike.

Strengthening Financial Inclusion and Rural Outreach

The Vortex-UCO Bank agreement is not just a technological partnership — it is also a powerful social and economic enabler. By deploying ATMs in rural, semi-urban, and underbanked areas, the initiative aims to:

• Bring essential banking services closer to citizens

• Empower local economies with 24/7 access to cash and banking

• Complement the government’s efforts towards Digital India and Atma Nirbhar Bharat

The focus on domestic innovation means that job creation, skill development, and technology upskilling will also follow, especially in the manufacturing and service domains related to ATM installation and maintenance.

Vakrangee’s Broader Vision

As the parent company, Vakrangee Limited brings additional scale and reach to this initiative. Vakrangee operates ‘Vakrangee Kendras’, which are one-stop shops for banking, insurance, e-governance, and e-commerce services across India. With over 20,000 Kendras, Vakrangee’s last-mile delivery network enhances the potential reach of Vortex’s ATM infrastructure.

Their BharatEasy mobile app also extends Vakrangee’s digital capabilities to mobile-first users, enabling access to banking and government services anytime, anywhere.

Financial and Strategic Implications

This deal adds considerable value to both Vortex and Vakrangee in the following ways:

• Revenue generation of Rs. 12.81 crore over seven years from a stable public sector client

• Strengthens long-term positioning as a trusted tech vendor in the BFSI sector

• Provides proof of capability for future government and private tenders

• Reinforces the company’s ESG goals, especially in the area of sustainable infrastructure

Regulatory and Compliance Transparency

As per SEBI’s disclosure requirements (Regulation 30), Vakrangee has publicly detailed all terms and specifications of this agreement:

• Client: UCO Bank

• Nature of Work: Supply, installation, AMC for 300 ATMs

• Type of Entity: Domestic

• Execution Timeline: Seven years

• Contract Size: Rs. 12.81 crore

• Promoter Interest: None

• Related Party Transaction: No

This transparent disclosure is expected to enhance investor confidence and underline Vakrangee’s corporate governance standards.

Conclusion: Towards a Smarter, Self-Reliant India

The Vortex–UCO Bank agreement is a milestone in public-private collaboration for digital financial infrastructure. Through this initiative, access to cash withdrawal, account inquiries, and other self-service options will reach thousands of Indians in underserved regions.

In a time when digital transactions dominate urban markets, this ATM deployment ensures that physical infrastructure continues to support digital ambitions, especially where mobile networks and digital literacy are still developing.

By leveraging indigenous technology, Vortex Engineering not only empowers UCO Bank but also contributes to India’s strategic autonomy in fintech hardware. This partnership is expected to play a pivotal role in the next phase of digital banking evolution in the country.

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