Govt inks MoU with SBI
Source: The Sangai Express
Imphal, March 10 2016:
The State Government has inked a Memorandum of Understanding (MoU) with SBI for the implementation of Cash Management Product (CMP) � an online treasury payment solution � at Old Secretariat today.
The MoU was signed in the presence of Additional Secretary (Finance) Sailesh Kumar Chourasia.
The State Government was represented by State Treasury and Accounts Director Kiran Kumar and SBI by Pannalal Das, General Manager NW-II local head office, Guwahati.
Sailesh Kumar Chourasia said that the MoU is a remarkable step towards implementation of online treasury payment.
Pannalal Das said that Manipur is the second State among North East States after Assam, which has signed the MoU with SBI.
He explained that treasury officers would electronically authorise the bills after DDOs upload it.
After the authorization of treasury officers, SBI would make payment enrolment through CMP within an hour, he said and added that the credits would be transferred to the accounts of different banks.
The advantages of CMP are instant credit in beneficiaries' accounts across the country, no need to issue cheques in physical form, information of payment through SMS or e-mail, reducing staff requirement, profiling payment for budget monitoring and control, easy retrieval of data in cash of any complaint/grievances, huge saving of funds for the Government and fully safe and secure payment, he said.
SBI officials from Mumbai, Hyderabad, Kolkata and Guwahati were also present during the signing of the MoU.