The Hindu Business Line : GAIL shifts to e-banking

GAIL releases around Rs 5,000 crore annually to Oil and Natural Gas Corporation and this, according to a company statement, will henceforth be made exclusively through the e-banking module installed in the PSU gas major's corporate office here.

The first such payment to ONGC amounted to Rs 64 crore for the natural gas supplied by it to GAIL. GAIL is putting in place a system through which payments to vendors and contractors can be made through a similar route.

This, the statement said, is one of the many revolutionary steps taken by GAIL by signing up for the corporate IT banking services of SBI.

The two organisations have worked jointly to customise the service for GAIL to cover all aspects of e-banking, including vendors' payments, employee payments and e-fund transfers. SBI has provided the facility to GAIL in Pata, Vijaipur and Jhabua so far.

The process of making the payment through the SBI e-banking system is quite simple. A voucher, generated for payment by authorised officials, is uploaded to the banker's portal. This voucher gets converted into a virtual cheque displaying all the cheque details. The payment is released by the click of a button by two authorised signatories and the system flashes the message of a successful transaction. The computer screen shows the movement of the funds from the payer's to the payee's account.

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T.R. Madhavan is Dhanalakshmi Bank Managing Director