VIJAYAWADA: The South Central Railway (SCR) has entered into a Memorandum of Understanding with the State Bank of India (SBI) for doorstep banking. The move will ensure direct pick up of earnings from 585 railway stations under the SCR limits.
The deal was signed between SCR’s chief commercial manager (freight services) BS Christorpher, financial advisor and chief accounts officer (traffic) J Meghanath and SBI’s deputy general manager (digital and transaction Banking unit), Hyderabad Circle, Surendra Nayak, in the presence of SCR General Manager Gajanan Mallya on Monday.
Speaking on the occasion, Mallya said the MoU will do away with the tedious and complex activity of moving earnings in cash through ‘cash safes’ of trains.
“The deal will enable the hassle-free collection of traffic earnings and remittances into the government’s account and avoid the delay in the transmission. Such understandings will go a long way in streamlining financial transaction accounting and benefit for the organisations involved. In the present digital age, the pace of financial transactions is important and the on-time remittances will accrue gain for SCR. The facility of doorstep banking as per the MoU will do away with the difficulties faced earlier,” he said.
Advantages
All railway stations will have a uniform cash remittance mechanism.
Real-time information about the cash being deposited, which will help in better supervision and accountability.
Avoidance of unwanted accumulation of cash at railway stations