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South Central Railway & State Bank of India ink pact on cash remittance

South Central Railway & State Bank of India ink pact on cash remittance
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Highlights

South Central Railway (SCR) entered into a Memorandum of Understanding with State Bank of India in connection with doorstep banking for direct pickup of earnings covering all 585 Railway stations over SCR here on Monday.

Secunderabad: South Central Railway (SCR) entered into a Memorandum of Understanding with State Bank of India in connection with doorstep banking for direct pickup of earnings covering all 585 Railway stations over SCR here on Monday.

At present, the earnings generated at smaller railway stations each day are sent through cash bag dropped at the cash chest available with the guard of the nominated trains, while in case of major stations, earnings are remitted by the concerned commercial supervisor at the nominated nearest banks.

This necessitates security escorts from Railway Protection Force (RPF) personnel accompany the official, besides entailing the added onus of arranging transportation. The existing procedure held scope for delay in remittances of cash owing to various factors such as holidays, availability of manpower & cash chest etc. The newly introduced facility of doorstep banking as per the MoU will do away with the difficulties faced earlier.

The MoU was signed by Dr BS Christopher, Chief Commercial Manager, Freight Services and 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.

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