State Bank Of India

State Bank of India (SBI) has signed a Memorandum of Understanding (MoU) with the Government of Assam for implementation of CMP (Cash Management Product) – an online treasury payment solution for the State Government.

Under this payment mode, Government drawing and disbursing officers will digitally upload a bill for payment to the treasury office concerned. The treasury officer will digitally authorize the bill and thereafter it will reveal online with the SBI CMP operation department located in Hyderabad. From here they will process the bills and within a few minutes, all accounts relating to salary or vendor payments will be credited to respective payees’ accounts of all banks wherever they are maintaining the accounts, i.e. SBI accounts and all other bank accounts will be credited instantly. Forty treasuries out of 60 treasuries of the Assam Government have since implemented this online solution.

The bank reported 25.11% rise in its net profit at Rs 3879.07 crore for the quarter ended September 30, 2015 as compared to Rs 3100.41 crore for the same quarter in the previous year. The bank’s total income increased by 12% to Rs 46854.81 crore for the quarter under review from Rs 41833.36 crore for the corresponding quarter of the previous year.