SBI signed MoU with South Central Railway for Doorstep Banking

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 hassle free collection of traffic earnings by SBI and remittance into Government account avoiding delay in transmission of traffic cash earnings.

Daily Current Affairs Quiz 2020

Major benefits from the MoU are as follows:

• All the railway stations will have 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.