CMS Info Systems is gearing to expand its workforce by 1,000 over the next two months, and may be even more in the next financial year. Having signed up with many organisations, such as Mahindra Finance, L&T Finance and Hero FinCorp, for cash and cheque collections, CMS has a network of over 115,000 ATMs and retail outlets across almost 94 per cent of districts in the country.
With CMS set to expand into cash collections for its partner banks, microfinance companies and non-banking financial firms, the new hires, who will mainly be employed as collection agents, will be offered a minimum salary of Rs 30,000 per month.
The Company is looking at cash collections from other sectors too, such as travel, education as well as insurance. It is also looking at offering doorstep banking service for the senior citizens of India. It handles cash processing to cash-in-transit, from cards to ATM network management, retail management and managed services. The company wishes to take advantage of the fact that the big NFBCs that deal with hundreds of local collection agencies, end up shelling out hundreds of crores annually on just collections.
As a majority of loan repayments are made in cash, the opportunity in the cash collection area is huge. The Company’s collection agents will also offer other services to NBFCs, such as KYC and similar tech-enabled services. The cash-management company will be working with NBFCs and microfinance companies on both B2B collections and B2B2C collections.