GeM signs MoU with Indian Bank and Canara Bank for payment related services

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

Through this partnership, both the banks will be able to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of Performance Bank Guarantees (e-PBG), Earnest Money Deposit (EMD) and Payment Gateway to the registered users on the portal.

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

  • MD & CEO of Indian Bank: Padmaja Chunduru.
  • MD & CEO of Canara Bank: R A Sankara Narayanan.

Source: The Business Standard

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