IT firms bring banking to employees for ease of transactions

— The Times of India

​Some software companies took it upon themselves to ease currency exchange and money withdrawals for their employees. Counters of their banking partners on their premises and operational ATMs in their offices have ensured that employees are not cash-strapped.
Cybage Software in Kalyaninagar has been in constant touch with its two banking partners to ensure constant feeding of cash in the two ATMs located inside their complex.
Elston Pimenta, head (HR) of the IT company, said, "We are connected to bank branches and have requested them to ensure that our ATMs don't run out of cash. Usage has obviously increased as no employee wants to risk withdrawing money from banks or ATMs outside. So far, the machines has been dispensing money in Rs 100 denomination and withdrawal limits are in accordance with the rules set for all citizens."
Company employee Shivani Yadav said it was difficult to spend too much time at an ATM by the roadside and was grateful for the facility in the office. "I have already used the ATM a couple of times to ensure enough liquidity for all my family members," she said.
Another employee Dimple Trivedi said, "Inside the office, the queue at the ATMs are manageable unlike the situation outside. I tried visiting one near my home in Vishrantwadi, but gave up".
Tech Mahindra has arranged counters to dispense Rs 100 notes in exchange for Rs 500 and Rs 1,000 notes. Each employee could exchange currency up to Rs 10,000, the company's employees, said.
At the office of another IT major in Magarpatta city, the company's banking partner put up a counter to allow employees to deposit old currency notes in exchange for valid denominations. All employees were informed of the facility through mail, and those interested in availing it were told to fill the form and furnish identity proofs.
Chaitanya, an employee of the company, was relieved. "This is a convenient way to exchange money while still being in office. Employees who deposited old currency notes on Wednesday will get the new notes on Thursday, but this much lag is acceptable," he said.
Infosys encouraged its employees to get smartcards for cashless transactions within the office, while some allowed payments through e-wallets to reduce the need for cash.
There is a sudden rise of 10 15% in the number of employees using their office smartcards for paying for transactions done on-campus, said Richard Lobo, executive vice president and head (HR) of Infosys. "The employees can top up their cards with money to not only pay for their food, but also for other facilities like usage of in-house supermarket," he said.