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GeM signs MOU with Union Bank of India

Capital Market 

Government e-Marketplace (GeM) signed a Memorandum of Understanding (MoU) with Union Bank of India (UBI) in New Delhi on October 10, 2019. Through this partnership, UBI will be able to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the GeM portal. The MoU will facilitate a cashless, paperless and transparent payment system on the portal and will create an efficient procurement system for government entities.

Online integration for payments and various banking services is one of the priorities for GeM. GeM has already signed MoU with 14 Public Sector and private banks to enable this. GeM is also working with others banks, TReDs, and SIDBI to provide invoice financing and Bill Discounting to the MSMEs registered on GeM. This will help MSMEs access easy credit and do better business with Government Departments.

GeM is an initiative of the Government of India offering one stop platform facilitating online procurement of common use goods and services required by various government departments, organisations, Public Sector Units. GeM provides tools for Direct Purchase, bidding and reverse auction in a transparent manner for government departments.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, October 11 2019. 16:27 IST
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