Govt’s GeM portal partners with Union Bank of India; to facilitate funds transfer, payments, more

Government e-Marketplace (GeM) — a digital portal for procurement of goods and services by government departments and public sector units has entered into a memorandum of understanding (MoU) with public sector lender Union Bank of India (UBI) for the latter to offer services including transfer of funds through GeM Pool Accounts. The bank would also advise of Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal, the commerce ministry said in a statement.

The government had launched the GeM portal in August 2016 for seamless procurement of goods and services by government departments in a transparent manner even as “reform in public procurement is one of the top priorities of the government,” the commerce ministry had said earlier.