GeM signed Mou with Central Bank of India

(Ministry of Commerce & Industry)

 

WHAT

Government e-Marketplace (GeM) signed MoU with the Central Bank of India for payment-related services.

• Central Bank of India will now offer various services including transfer of funds through GeM Pool Accounts (GPA), advising of electronic Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal.
• It has been developed by Directorate General of Supplies and Disposal (DGS&D) with technical support of the National E-Governance Division (NEGD), Ministry of Electronics and Information Technology.
• GeM has already signed MoU with 18 Public Sector and Private Banks to enable this.

 

OBJECTIVE

To ensure that public procurement of goods and services in India (done by government bodies) worth more than Rs. 5 lakh crore annually is carried out through the online platform.

 

SIGNIFICANCE

Integration for payments and various banking services is one of the priorities for GeM towards the goal of paperless, contactless and cashless systems.

 

BENEFITS

• GeM eliminates human interface in vendor registration, order placement and payment processing, to a great extent.
• The transparency, efficiency and ease of use of the GeM portal has resulted in a substantial reduction in prices on GeM.
• Direct purchase on GeM can be done in a matter of minutes.
• GeM is a completely secure platform and all the documents on GeM are e-Signed at various stages by the buyers and sellers.

 

DIRECTORATE GENERAL OF SUPPLIES AND DISPOSAL

DGS&D under Ministry of Commerce and Industry is a central purchase and quality assurance organisation. List of registered firms, expired registered firms and banned firms is provided. Information on Draft TP for existing and new items, registration forms and guidelines, important circulars, etc. is available. Service details for indentor and vendor are also given.

It was established in 1951. It is the nodal organization for hosting Government e-Market (GeM).

 

Source: PIB

 

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