GeM and Federal Bank sign MoU for payment related services

The Government e-Marketplace (GeM) signed a memorandum of understanding (MoU) with Federal Bank 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. The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities.

Static/Current Takeaways Important For RBI Grade ‘B’ 2019:

  • MD & CEO of Federal Bank: Shyam Srinivasan; Tagline: Your Perfect Banking Partner
  • Headquarters: Kochi, Kerala.

Source: The Indian Express

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