SCR, SBI ink pact for doorstep banking

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.

Published: 15th January 2020 10:52 AM  |   Last Updated: 15th January 2020 10:52 AM   |  A+A-

SBI

For representational purpose (File Photo | EPS)

By Express News Service

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

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp