Tata Power, an Indian power utility, announced that it has achieved complete zero cash payables. The company is working towards bringing down cash collections from its electricity customers with regulatory support.
Through this new step, Tata Power is trying to complement the Government of India’s push towards using digital and banking means to make payments, according to the company.
As part of this initiative of promoting cashless payments, Tata Power makes payments to all its vendors and employees through digital payment modes, or through their bank accounts directly or through checks. No cash is paid even, for sundry advances.
Tata Power is also looking to reduce its cash intake by implementing initiatives such as automatic payment machines to receive cash, Bharat bill payment system (BBPS) and a unified payment Interface.
“Tata Power is committed to strengthening the Digital India program. Being a pioneer in technology we have implemented various mechanisms to ensure all vendors and employees are paid digitally, and on time. We are happy to announce that we are 100 percent cashless on the payments front and are working relentlessly towards achieving the same on the customers’ collection side as well. We hope to receive regulatory support in this endeavor,” stated Mr. Anil Sardana, CEO & Managing Director, Tata Power.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.