Gem Partners with UCO Bank and Bank of Maharashtra for Payment Related Services
New Delhi: The Government e- Marketplace signed two MoUs with Bank of Maharashtra and UCO Bank on 16 Dec 2019 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.
Integration for payments and various banking services is one of the priorities for GeM towards the cherished goal of a paperless, contactless and cashless system. GeM has already signed MoUs with 19 Public Sector and Private Banks to enable these functionalities.
The MOU was signed by S Suresh Kumar, Additional CEO (GeM) andAnil Kumar, General Manager, UCO Bank and V D Kolhatkar, Field General Manager, Bank of Maharashtra.
GeM is also working with Banks, TReDs, and SIDBI to provide bill discounting and financing of working capital where the cost of capital is linked to the performance & rating of a seller on GeM. This will help the sellers in general and the MSMEs in particular to access easy credit and do better business with the government. In addition, GeM is contemplating the creation of EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids.
GeM SPV is the National Public Procurement Portal for ensuring efficient and transparent mechanisms for procurement of goods and services by Central and State government organizations. It is an initiative of the Government of India which offers a one stop inclusive platform for facilitating online procurement. GeM provides tools for Direct Purchase, bidding and reverse auction for ensuring transparent and efficient procurement.