Mumbai, India – September 23, 2020
Karnataka Bank, India's twelfth largest private sector bank and PayTM Payments Bank, India’s only mobile-first bank; have partnered with CMS to deliver CASH2HOME for their customers. CMS Info Systems (CMS) is India’s leading Cash Management Services Company, with a network spanning over 115,000 ATMs and retail outlets that spread across 98.3% of districts in India. 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 31st, 2020.
CMS pioneered and implemented CASH2HOME when the country went into its 1st lockdown during the COVID-19 pandemic. Since April, CMS has been providing doorstep cash delivery service to help senior citizens and disabled get cash safely at home. CASH2HOMEwas launched as free service during the initial months of COVID-19. Banks across India have started availing this service for home delivery of banking services to their customers.
Speaking about CASH2HOME service, Rajiv Kaul, Executive Vice Chairman, Chief Executive Officer and Whole time Director, said, "As the largest cash and ATM management company in India, we find ourselves at the frontline of every crisis the country goes through. Through them all it has been our effort to ensure cash is available anytime, anywhere and in the safest way possible. 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. We are excited to be the partner of choice for Karnataka Bank and PayTM Payments Bank, as we expand this customer service opportunity to other banks"
Karnataka Bank Savings account holders who are Senior Citizens of more than 70 years of age or differently abled or infirm persons (having medically certified chronic illness or disability) including those who are visually impaired, can avail of the service. CMS will offer doorstep banking services which includes delivery of cash against withdrawal from own account and pick-up of cash & other financial instruments. The service is currently operational in the cities of Bangalore and Hyderabad for a minimum of ₹1000 and maximum of ₹20,000 deposit / withdrawal per transaction
PayTM Payments Bank was the first bank to partner with CMS to avail CASH2HOME delivery service for its customers in the National Capital Region (NCR). The cash withdrawal request can be raised on their PayTM Payments Bank app. Senior citizens can request for cash of minimum ₹1000 and maximum ₹5000, through this facility.
CMS Info Systems Ltd. (CMS) is India’s leading Cash Management and Payment Solutions company, that handles cash processing to cash-intransit, from cards to ATM network management, retail management and managed services. CMS manages the entire flow and management of money for the 115,000 business points that it serves every day - from when the RBI initially deposits cash in the bank’s currency chests, to when cash is deposited back in banks after going through the various stages of the cash cycle. CMS became India’s largest physical payments company in 2012. Asia’s largest PE firm, Baring PE Asia owns 100% stake in CMS Info Systems. For more information, please visit: www.cms.com