IMPHAL, March 10: The State government today signed a Memorandum of Understanding with the State Bank of India for migration of State Treasury pension payment from manual system to digital cash management product (CMP) platform of the SBI called CMP solution.
The MoU was signed at the Old Secretariat, with additional secretary (Finance) Shailesh Kumar Chaurasia, director Treasuries and Accountant Manipur Th Kiran Kumar and director Institutional Finance, Manipur Mercina Panmei representing the Government.
General manager NWII, SBI LHO, Guwahati Pannalal Das, general manager, Government Business SBI Cooperate centre Mumbai Praveena Kala and CM, CMP SBI cooperate centre Mumbai represented the SBI.
The MoU is aimed to greatly save manpower and monetary resources.
Under the MoU, DDOs will electronically upload the bill and treasury officers will electronically authorised the bills. After authorisation by the Treasury officials SBI CMP will make payments electronically within hour and credit will be made to all accounts irrespective of banks and branches beneficiaries are maintaining the accounts.
The CMP solution will also have direct outcome including instant credit in beneficiaries’ accounts across the nation; no need to issue cheque in physical from and all attendant risks are eliminated.
Other direct outcome include that beneficiaries aren’t required to collect the cheque bringing transparency; intimation of payment to beneficiaries through SMS or e-mail; reduction in staff requirement presently doing reconciliation; profiling of payments for budget monitoring and control; easy retrieval of data in case of any complaint or grievances and no parking of funds by non-accredited banks, huge saving of cost of funds for Government and fully safe and secured payment.
Many Treasury and SBI officials and staffs were also present in the programme.