Indian Railways signs MoU with SBI

Indian Railways signs MoU with SBI

East Central Railway (ECR) GM A K Mittal and SBI CGM Ajit Sood signed a memorandum of understanding (MoU) recently to pick up cash from all stations falling under the ECR jurisdiction.

ECR CPRO Arvind Rajak said under the present system, railways deposits cash at the approved banks and receipts are sent to the respective divisional cash offices.

However, railways cash from small stations is sent in iron safe box to railway cash offices of the five divisions under tight security. This pre-independence system had become obsolete. That's why railways embarked on the modern technique to pick and deposit railway cash directly into the bank, he said.

Rajak said the ECR was also finding it difficult either to transport the cash or deposit it safely in the banks, particularly in semiurban and rural areas falling under its jurisdiction. The new arrangement would give much relief to the railways in picking up cash from about 430 stations of ECR which is generating about Rs 11,500 crore annually, he said, adding this scheme was the first of its kind for ECR as it was not implemented in any other zone so far.

"The scheme has become operational under Danapur and Sonepur divisions from November 1, 2015, while it would be made operational under three other divisions of Samastipur, Mughalsarai and Dhanbad from December 1, 2015," the CPRO said.

ECR's finance adviser and chief administrative officer S K Mallik, chief mechanical engineer Anil Sharma, controller of store S K Rai, chief personnel officer Shushant Jha, chief commercial manager (PS) S K Sharma and other officials of SBI were also present during signing of an MoU between ECR and SBI.