GeM signed MoU with Central Bank of India for Payment Related Services

GeM signed MoU with Central Bank of India for Payment Related Services

GeM signed MoU with Central Bank of India for Payment Related Services

Government e-Marketplace (GeM) signed an MoU with Central Bank of India. Through this partnership, Central Bank of India will be able to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of electronic Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal.

Also Read: List of MoUs/Agreements signed during the visit of Chancellor of Germany to India, Complete List View Here

Integration for payments and various banking services is one of the priorities for GeM towards the goal of paperless, contactless and cashless system. GeM has already signed an MoU with 18 Public Sector and Private Banks to enable this.

MOU Was Signed By:

The MOU was signed by Rajeev Kandpal, CFO, GeM and A.K. Mishra, Field General Manager,Central Bank of India in the presence of Talleen Kumar, CEO, GeM.

About Government e-Marketplace (GeM):

GeMis an initiative of the Government of India which offers a one stop platform for facilitating online procurement of goods and services by Central and State government organizations. GeM provides tools for Direct Purchase, bidding and reverse auction for ensuring transparent and efficient procurement.