Maligaon, January 21 (MExN): The Northeast Frontier Railway (NFR) has signed a Memorandum of Understanding (MoU) with the State Bank of India (SBI) for cash pick-up facilities at 400 stations across its network, aiming to strengthen financial efficiency, safety and transparency.
The MoU was signed at the NFR Headquarters in Maligaon in the presence of NFR General Manager Chetan Kumar Shrivastava, along with senior officials from both organisations.
Under the arrangement, SBI will provide a secure mechanism for cash collection from designated stations and ensure timely deposit of earnings into respective bank branches. The system will bring uniformity in cash handling and enhance accountability, Kapinjal Kishore Sharma, Chief Public Relations Officer, NFR said.
Real-time tracking of cash movement will be enabled through GPS-fitted vehicles, reducing risks associated with theft, loss or misappropriation.
The facility is expected to yield significant savings in expenditure on vehicle hiring and security manpower, while also ensuring enhanced safety of station staff.
By relieving staff from manual cash transportation, the initiative will allow greater focus on core operational and commercial functions, the NFR official said.
