GeM signs MoU with UBI to promote cashless transactions

New Delhi: Government e-Marketplace (GeM) has signed a Memorandum of Understanding (MoU) with Union Bank of India (UBI) in New Delhi on Friday. The MOU has been signed by was signed GeM's Additional CEO, S Suresh Kumar and UBI's (Delhi) General Manager (Fields) SK Mohapatra in the presence of GeM's CEO Talleen Kumar and Ram Kumar Jaglan, Head of Government Business Department, UBI.
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What's in the MoU?

Under this partnership, UBI will offer an array of services such as 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 Government e-Marketplace. It has already signed MoU with 14 public sector and private banks to enable this service.

Government e-Marketplace is also working with other banks, TReDs (Trade Receivables Discounting System), and SIDBI (Small Industries Development Bank of India) to provide invoice financing and bill discounting to the Ministry of Micro, Small and Medium Enterprises (MSMEs) registered on GeM. This will help MSMEs access easy credit and do better business with Government Departments.