In one of the first moves of its kind in the Indian Railways, the Construction organization of South East Central Railway has successfully been able to implement a unique scheme involving Electronic Fund Transfer (EFT) and Remote Pay-out through Demand Draft and Pay-orders in making payment to all Contractors/Suppliers through a specified bank (UTI Bank, Bilaspur, in the instant case).

The scheme has been introduced w.e.f. 16th Feb’04.

The introduction of the schemes has led, on the one hand, to substantial saving for the Railways in terms of reduced man-power requirement for the cash and pay office while, on the other, has greatly expendited the process of making payment to Contractor/Suppliers across states and regions.

As a logical sequel to the introduction of the scheme, individual cheques in favour of each Contractor/Supplier are not being made out and disbursed by the Cash and Pay Office.

A consolidated cheque , in lieu thereof , is being handed over to the UTI Bank, Bilaspur, by 10:00 am every day along with a list of beneficiaries (Contractors/Suppliers).

The UTI Bank is sending the cheque for clearance immediately on receipt and, on realization of the  amount, initiating the process of crediting  beneficiaries’ accounts as per the following modules:-

Direct credit through EFT 

The accounts of all beneficiaries having bank account with any bank situated at any of the fifteen cities designated by the RBI ( Ahmedabad, Banglore, Bhubhneshwar, Chandigarh, Chennai, Guwahati, hydrabad, Jaipur, kanpur, Kolkata, Mumbai, Nagpur, New Delhi, Thiruvanamthapuram and Patna) would get automatically credited on Day-1 through operation of the Electronic Fund Transfer scheme by the UTI Bank, Bilaspur, in collaboration with RBI.

However, those beneficiaries who would be having an account with

UTI Bank anywhere in India would have their accounts credited on Day-0 instead of Day-1.  

Remote Pay-out

Payment through Remote Pay-out would be made to beneficiaries who are located at places where the EFT scheme is not applicable but where a branch of UTI Bank exists like Bhopal, Raipur etc.  

In such cases, pay-orders would be generated by the local UTI Bank as per instructions received from the UTI Bank/Bilaspur and delivered through courier to the residence/office of the beneficiaries latest by Day-2.

The beneficiaries would be free to have an account with any bank of their choice.