CMS gets contract from Karnataka Bank, Paytm for home delivery of cash

Cash management and payment solutions firm CMS has bagged contract from Karnataka Bank and Paytm Payments Bank for doorstep banking services, including delivery of cash, to their customers.

Karnataka Bank and Paytm Payments Bank have partnered with CMS for 'CASH2HOME' for their customers, CMS Info Systems said in a statement on Wednesday.

"CMSCASH2HOME initiative is aligned with the Reserve Bank of India's vision of offering doorstep banking to the elderly and senior citizens that was articulated late last year and recently reiterated in a circular on March 31, 2020," it said.

CMS has a network spanning over 1,15,000 ATMs and retail outlets that spread across 98.3 per cent of districts in India.

"With CASH2HOME, we want to help keep the most vulnerable group in our society safe at home during this COVID-19 crisis, while having access to cash to pay their bills, access monthly salaries and clear dues," said Rajiv Kaul, executive vice-chairman and CEO of CMS.

Karnataka Bank's saving account holders who are over 70 years of age or differently abled or infirm persons can avail of the service in Bengaluru and Hyderabad. It will offer doorstep banking services that include delivery of cash against withdrawal from own account and pick-up of cash and other financial instruments.

Paytm Payments Bank has partnered with CMS to avail CASH2HOME delivery service for its customers in the National Capital Region.

See Zee Business Live TV Streaming Below:

CMS handles cash processing to cash-in-transit from cards to ATM network management, retail management and managed services.