Government e-Marketplace (GeM) signed 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. GeM has already signed MoU with 18 Public Sector and Private Banks to enable this.
GeM is 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.
Source: The Press Information Bureau