GeM partners with UCO Bank and Bank of Maharashtra
The Government e-Marketplace(GeM) has signed two Memorandum of Understanding(MoUs) with the public sector banks, Bank of Maharashtra and UCO bank on Monday, 16th December 2019.
Under the MoU, a number of services including transfer of funds through GeM Pool Account(GPA), Earnest Money Deposit(EMD) and advising of Performance Bank Guarantees(e-PBG) will be provided to the registered users on the GeM portal.
GeM has already signed MoUs with 19 other Public Sector and Private Sector banks to enable its goal of a paperless, cashless and contactless system by the integration of payments and various banking services for its customers.
The GeM is also working with the Trade Receivable Discounting System (TreDS) and Small Industries Development Bank of India(SIDBI) to provide bill discounting and financing of working capital where the cost of capital is linked to the rating and performance of a seller on the GeM platform.
The Government e-Marketplace(GeM) Special Purpose Vehicle(SPV) is the National Public Procurement Portal for ensuring a transparent and efficient mechanism for the procurement of goods and services by the Central and State Government Departments and Organizations.
Category: Economy & Banking Current Affairs
Topics: Bank of Maharashtra • GeM • Government e-Marketplace • Memorandum of understanding • Public Sector Banks • Small Industries Development Bank of India(SIDBI) • Trade Receivable Discounting System (TreDS) • UCO Bank