The South Central Railway (SCR), Vijayawada division, and Vijaya Bank on Wednesday signed an MoU for disbursement of salaries of 920 employees of the former, spread across seven districts, within hours on the salary day itself. | |
| S Santhi Raju, senior divisional finance manager, SCR, and M Sadananda Hegde, regional manager, Vijaya Bank, signed the MoU. |
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| The pact enables disbursement of salaries to railway employees by cash or through the bank at the earliest and avoids delay in crediting the salaries to employees' individual accounts. |
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| SCR covers 154 railway stations from Gudur (Nellore district) to Visakhapatnam and 920 clients of Vijaya Bank work in them. The bank operates 25 branches in the same area. |
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| Earlier, the railways paid salaries by drawing cheques on 42 different banks and sending them by courier/post to these employees. This resulted in the delay of salary payment by over a week. |
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| Under the MoU, the SCR will present a single cheque for Rs 50 lakh to the Vijayawada branch (link branch) of Vijaya Bank every month. The salaries will be credited to the employees individual accounts immediately. |
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| Hegde said Vijaya Bank had become the fourth bank in the country to extend this service to employees, who automatically become eligible for receiving all retail products of the bank. The bank opened its 126th ATM at Tirumala on Monday, he added. |
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