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GeM signs MoU with Indian Bank and Canara Bank for payment related services


GeM signs MoU with Indian Bank and Canara Bank for payment related services

 


Government e-Marketplace (GeM) has signed MoU with Indian Bank and Canara Bank.

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

Through this partnership, both the banks 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), Earnest Money Deposit (EMD) and Payment Gateway to the registered users on the portal.

GeM is an initiative of the Government of India which offers a one stop platform for facilitating online procurement of common use goods and services required by various government departments, organisations and PSUs. GeM provides tools for direct purchase, bidding and reverse auction for ensuring transparent and efficient procurement.