MoU for Doorstep Banking signed between SCR and SBI

The South Central Railways (SCR) zone of the Indian Railways has signed a Memorandum of Understanding (MoU) and State Bank of India(SBI) for providing doorstep banking services in 585 Railway Stations of the South Central Railway Zone.

According to the signed MoU, SBI will be providing direct pickup of cash facility from the 585 Railway Stations under the Zone i.e Doorstep Banking from all the railway stations on South Central Railway Zone will enable bother free collection of traffic earnings by State Bank of India and will avoid delay in transmission of traffic cash earnings. Apart from the increasing step of financial transactions and digitization on payment of cash earnings of the Indian Railways, the newly introduced facility of doorstep banking will lower the difficulties faced earlier by the Railway Authorities.

The MoU will help in better supervision and accountability of the cash deposited by different stations, railway stations will have uniform cash remittance mechanism, avoidance of unwanted accumulation and it is a smart way of station earnings.

Month: Current Affairs - January, 2020