Private sector lender HDFC Bank signed an agreement with the Government e-Marketplace (GeM) under which the bank will facilitate a host of services to the public procurement portal for Central and state government organisations.
The MoU is significant as Government e-marketplace will bring transparency and efficiency in the procurement process with assured and timely payment to the sellers, HDFC Bank said in a statement. GeM provides an end-to-end online marketplace for central and state government ministries or departments for procurement of common use goods /services in a transparent and efficient manner.
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- HDFC Bank– India’s largest private bank by market capitalization
- HDFC Bank Chairman– Aditya Puri.
- Reserve Bank of India labelled HDFC Bank as ‘domestic systematically important bank’—in other words, ‘too big to fail’.