Railways, SBI sign MoU for doorstep banking of 585 stations of SCR zone
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Railways, SBI sign MoU for doorstep banking of 585 stations of SCR zone

Agency News

New Delhi, Jan 14: South Central Zone (SCR) of Indian Railways and State Bank of India (SBI) have signed an MoU for Doorstep Banking for direct pickup of earnings covering all 585 railway stations over SCR Zone.

Under the Memorandum of Understanding, direct pick up of cash from all the railway stations on SCR dispenses with the tedious and complex activity of movement of cash earnings through “Cash Safes” by trains. This will enable hassle-free collection of traffic earnings by SBI and remittance into Government account avoiding delay in transmission of traffic cash earnings. This will enable better supervision and accountability by making available real time information about the cash being deposited by different railway stations.

The MoU was signed by Dr B S Christopher, Chief Commercial Manager, Freight Services and Shri J Meghanath, Financial Advisor and Chief Accounts Officer, Traffic on behalf of South Central Railway and Surendra Nayak, Deputy General Manager, Digital and Transaction Banking Unit, SBI, Hyderabad Circle. According to an official release, benefits from the MoU will be translated into uniform cash remittance mechanism in all the railway stations, real time information about the cash being deposited by different stations which will help in better supervision and accountability, avoidance of unwanted accumulation of cash at rail stations and smart way of remittance of station earnings.

SCR General Manager Gajanan Mallya expressed happiness with the tie-up and opined that such understandings will go a long way in streamlining financial transactions accounting. Prior to the MoU, the earnings generated at smaller railway stations each day were being manually sent with the Guard of nominated trains while in case of major stations, earnings were being remitted by the commercial supervisor concerned at the nominated nearest banks, which necessitated that Security escorts from Railway Protection Force (RPF) personnel accompany the official. The existing procedure held scope for delay in remittances of cash owing to various factors such as holidays and availability of manpower. The newly-introduced facility of door step banking will do away with the difficulties faced earlier, besides increasing the pace of financial transactions and digitisation of remittance of cash earnings of the Railways. (UNI)

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