Bengaluru: South Western Railway has tied-up with India Post under ‘Book Now Pay Later’ (BNPL) scheme.
Under the agreement the India Post will Pick up, undertake Booking, Dispatch, Delivery of Cash Remittance Notes, Voucher, Warrants Covers from Door Step of Railway Stations through Speed Post, according to a SWR release here on Wednesday.
Initially 159 and 146 Stations of Bengaluru and Mysuru Divisions will be covered.
The Memorandum of Understanding (MoU) to this effect was signed between SWR and Karnataka Postal Department on Nov 24. In the next phase remaining stations of Bengaluru, Mysuru and Hubballi Division will be added.
For entire South Western Railway the annual value of vouchers is around 100 Crores. This initiative is likely to be Reliable, Faster, and Economical with annual savings of Rs 30 Lakhs over current system.
Further it will facilitate concurrent Billing and Realization of outsider dues, timely accounting and also render more effective check by Commercial/Accounts office on Station Cash.
This first of its kind initiative will complement the cash pick up outsourcing through State Bank of India which is already functional.
Appreciating the SWR for its initiative, the Railway Board has advised all the Zonal Railways to implement the same in their zone. (UNI)