A Memorandum of Understanding was signed between South Central Zone of Indian Railways and State Bank of India for Doorstep Banking for direct pickup of earnings covering all 585 Railway stations over SCR Zone. The direct pick up of cash from all the railway stations on SCR as per the MoU dispenses with the tedious and complex activity of movement of cash earnings through “Cash Safes” by trains. This will enable the hassle-free collection of traffic earnings by SBI and remittance into Government account avoiding delay in transmission of traffic cash earnings.
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 Shri Surendra Nayak, Deputy General Manager, Digital and Transaction Banking Unit, SBI, Hyderabad Circle.
Major benefits from the MoU are as follows:
- All the railway stations will have a uniform cash remittance mechanism.
- 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 railway stations.
- Smart way of remittance of station earnings.
Ministry of Railways
[Press Release dt. 14-01-2020]