Sambalpur: Going beyond the cashless system for financial transactions, Mahanadi Coalfields Limited (MCL), a leading Coal India subsidiary, has successfully brought itself to a digital banking platform for making quick payment to its stakeholders with zero human interference.
Adding another feather to its cap, MCL has joined hands with State Bank of India (SBI) for ensuring for financial transparency through SBI’s Cash Management Product (CMP) platform for making payments to its stakeholders quickly and without any human intervention in the process.
Mr K R Vasudevan, Director (Finance), MCL launched this landmark initiative by making a successful live transaction in the presence of SBI’s General Manager Mr Gautam Bhattacharya and other senior officers of company and the bank at an official ceremony here last evening.
The company has successfully integrated all its units spread over in Jharsuguda, Sundergarh, Angul and Sambalpur districts of Odisha to the SBI’s CMP platform, which will ease the payment process by reducing Human Interface through the use of Bulk File Upload facility using NEFT/ RTGS or SBI to SBI transfer. This initiative will ensure more transparency and monitoring of funds in a digitised manner through customised Management Information System (MIS).