Leading cash management services provider CMS is planning to hire 1,000 employees in the next two months with salaries upward of Rs 30,000 per month. The move comes as it expands into service vertical of cash collections for its partner banks, NBFCs and microfinance firms.
CMS Info Systems (CMS) has signed up for cash and cheque collections with several companies, including, Mahindra Finance, L&T Finance and Hero FinCorp.
Anush Raghavan, Senior Vice-President and Head – Cash Business Unit of the CMS said that with a network spanning over 115,000 ATMs and retail outlets that spread across 98.3 percent of districts in India, the company is uniquely positioned as the "backbone of the circulation cycle" of the economy.
Raghavan added that while CMS has built out the offering for NBFCs, it is also looking at the cash pickups from the other industries such as travel, education; cheque collections for the insurance industry, apart from doorstep banking service for senior citizens.
In addition to hiring 1,000 employees in the next two months, the company will continue to expand and hire more in this fiscal. The company, he added, will be working with NBFCs and microfinance companies on both B2B collections and also B2B2C collections.
CMS handles cash processing to cash-in-transit, from cards to ATM network management, retail management, and managed services. Cash is still the king in India as RBI data shows that 87 percent of total consumer transactions in the country happen in physical cash. Even with digital payments gaining a further foothold, India is still a long way away from dispensing away with cash payments because of issues with financial literacy, basic literacy, technology adoption and availability, and other social issues. Cash collections service is predominantly for semi-urban and rural towns the company revealed and cash usage continues to be high among rural and non-metro towns in India.