The Hindu Business Line : CLW moving to electronic payment system from June 15

Chittaranjan Locomotive Works (CLW), the electric locomotive manufacturing outfit of the Railways, will be introducing from June 15 an electronic fund transfer scheme for making payments to all suppliers and vendors across the country. This is said to be the first such step by any zonal establishment of the Railways.

Speaking to Business Line, Mr Dipankar Lahiri, Financial Advisor and Chief Accounts Officer said that necessary bank details, including the required codes, 9-digit MICR number of the banks concerned, signatures of authorised representatives, etc., have been sought from the suppliers and vendors. Issuance of manual cheques by CLW will cease from June 15.

Stating that all systems were more or less in place for introduction of the scheme, Mr Lahiri said that UTI Bank would handle the work through RTGS (real-time gross settlement) facility for funds transfer within 4-6 hours.

He added that UTI Bank is also opening a special branch at Chittaranjan with ATM facility and zero balance cards for CLW employees. Currently, only SBI has a special branch here. Both SBI and UTI are expected to organise account-opening camps at Chittaranjan soon.

Describing the new online facility as a quantum jump for any Railway establishment in the country, he said that while the electronic funds transfer scheme under the Reserve Bank of India was restricted to only 16 locations of the apex bank, the RTGS system would have a nationwide network.

As a result of the comprehensive networking programme taken up by CLW, some 70 per cent of the current finance section work would go online.

The necessary IT environment is being created at CLW to take pension and PF works online.

Mr Lahiri said that CLW will soon have a special IT centre within the finance department, supported by a high standard application package that will help in continuous tracking of suppliers' bills till payments are made.

The networking contract is being executed by Multitec Solutions of Durgapur.

Mr Lahiri said that such a system may be extended to all production units of CLW gradually for effective materials management, in tandem with accounting and inventory functions, for speedy decision-making at all levels.

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