Government e-Marketplace signed an MoU with Union Bank of India. As per the MoU, UBI will be able to offer an array of services including transfer of funds through GeM Pool Accounts, advising of Performance Bank Guarantees and Earnest Money Deposit 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.
GeM is an initiative of the Government of India offering one stop platform facilitating online procurement of common use goods and services required by various government departments, organisations, Public Sector Units.
Source: The Press Information Bureau