PSU Watch logo

| NRL inks pipeline ‘Right to Use’ sharing agreement with IGGL |   | To avert coal, power crisis in future, India mulls strategic coal & gas reserves |   | India's Foreign Exchange Reserves rises $1.49 Billion to touch $641 Billion |   | Cost of energy should not outstrip paying capacity of consuming nations: Hardeep Singh Puri |   | India successfully flight-tests High-Speed Expendable Aerial Target drone 'Abhyas' |   | States asked to align emission reduction targets with Centre, form BEE-like institutions |  

GeM partners with these banks for payment services

Government e-Marketplace (GeM) has signed two MoUs with UCO Bank and Bank of Maharashtra to promote cashless, paperless and transparent payment system through its portal
New Delhi: The Government e-Marketplace (GeM) has signed two memorandum of agreements (MoUs) with Bank of Maharashtra and UCO Bank on December 16, to offer a number 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 portal. Integration for payments and various banking services is one of the priorities for GeM towards the cherished goal of a paperless, contactless and cashless system. GeM has already signed MoUs with 19 Public Sector and Private Banks to enable these functionalities. The MoUs were signed by GeM's Additional CEO S Suresh Kumar, UCO Bank's General Manager Anil Kumar and Bank of Maharashtra's Field General Manager VD Kolhatkar. The GeM is also working with Banks, Trade Receivables 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 performance and rating of a seller on GeM. This will help the sellers in general and the MSMEs, in particular, to access easy credit and do better business with the government. In addition, GeM is contemplating the creation of an EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids. GeM-SPV is the National Public Procurement Portal for ensuring efficient and transparent mechanisms for the procurement of goods and services by Central and State government organisations. It is an initiative of the Government which offers a one-stop inclusive platform for facilitating online procurement. It provides tools for Direct Purchase, bidding and reverse auction for ensuring transparent and efficient procurement.