SCR & SBI signs MOU for Doorstep Banking covering all 585 Stations of the Zonal Railway

A Memorandum of Understanding has been signed between South Central Zone Railway and State Bank of India for Doorstep Banking for direct pickup of earnings covering all 585 Railway stations on SCR Zone. The tie-up will go a long way in streamlining financial transactions accounting. Prior to the MOU, the earnings generated at smaller railway stations each day were being manually sent with the Guard of nominated trains while in case of major stations, earnings were being remitted. The newly introduced facility of doorstep banking as per the MoU will do away with the difficulties faced earlier, besides increasing the pace of financial transactions and digitization of remittance of cash earnings of the Railways. 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 hassle-free collection of traffic earnings by SBI and remittance into Government account avoiding delay in transmission of traffic cash earnings. This will enable better supervision and accountability by making available real time information about the cash being deposited by different railway stations. As per the MOU, all the railway stations will have uniform cash remittance mechanism, says PIB release. It will ensure avoidance of unwanted accumulation of cash at railway stations. The MoU was signed by Dr B.S.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.