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GeM and Federal Bank sign MoU for payment related services


GeM and Federal Bank sign MoU for payment related services


The Government e-Marketplace (GeM) signed a memorandum of understanding (MoU) with Federal Bank to offer a number of services including transfer of funds.

The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities.

The bank will offer a number of services, including the transfer of funds through GeM pool accounts, advising of performance bank guarantees and earnest money deposit, to the registered users on the portal.