SCR inks MoU with SBI

Tue 14 Jan 2020, 13:17:45
The South Central Railway (SCR) on Monday entered into a Memorandum of Understanding (MoU) with State Bank of India (SBI) in connection with doorstep banking for direct pickup of earnings covering all 585 railway stations in the zone.

The direct pickup of cash from all the railway stations of SCR as per the MoU dispenses with the 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.

At present, the earnings generated at smaller railway stations each day are sent through cash bag dropped in the cash chest available with the guard of the nominated trains while in case of major stations, earnings are remitted by the commercial supervisor concerned at the nominated nearest banks, which necessitates that security escorts from Railway Protection Force personnel accompany the official.

The existing procedure held scope for delay in remittances of cash owing to factors such as holidays, availability of manpower and cash chest. The newly introduced facility of doorstep banking as per the MoU will do away with the difficulties faced earlier.

Gajanan Mallya, General Manager, SCR, said that such understandings would go a long way in streamlining financial transactions.

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