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Government e-Marketplace signed MoU with Union Bank of India

Government e-Marketplace signed MoU with Union Bank of India  

In New Delhi the Government e-Marketplace (GeM) signed a Memorandum of Understanding (MoU) with the Union Bank of India (UBI) on 10th October 2019.  

Key Points 

  • According to this partnership, UBI will be able to propose an array 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 GeM portal.
  • This will get easy credit to MSMEs and helps to do better business with Government Departments.
  • The MoU will facilitate cashless, paperless and transparent payment system on the portal.
  • The MoU will evolve an efficient procurement system for government entities.
  • One of the priorities for GeM is online merger for payments and various banking services. 
  • GeM has already signed MoU with 14 Public Sector and private banks to enable this service.

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