In line with this commitment, Tata Power announced that it has achieved complete zero cash payables.
The company is working towards bringing down cash collections from its electricity customers albeit with regulatory support.
This initiative by Tata Power complements the call given by Government of India to use digital and banking means to pay its employees, contractors and associates.
As part of this initiative of promoting cashless payments, Tata Power now makes payments to all its vendors, and employees through digital payment modes or via their bank accounts directly or through cheques.
No cash is paid even for sundry advances. On the customers’ collection front, Tata Power is looking to reduce its cash intake by implementing initiatives such as ATPM (Automatic Payment machine) Machine to receive cash, Bharat bill payment system (BBPS) and UPI (Unified payment Interface), etc.
Commenting on this achievement, Anil Sardana, CEO & Managing Director, Tata Power, stated, “Tata Power is committed to strengthening the Digital India programme. 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% 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 endeavour.”
India is currently in the middle of an all-out movement to digitalize the way transactions are paid; and Tata Power is at the forefront of this campaign.