Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Banking & Finance News

Federal Bank and GeM Signs MoU

The MoU was signed by S. Suresh Kumar, Addl. CEO, GeM and R. Vardharajan, Country Head - Government Business, Federal Bank along with Deepesh Gehlot, Director (GeM) and Hemant Mahindru, State Business Head – Government Business, Federal Bank in the presence of Talleen Kumar, CEO, GeM.

author-image
SMEStreet Desk
24 Oct 2019 04:11 IST

Follow Us

New Update
Talleen Kumar, GeM,

The Government e-Marketplace (GeM) signed a memorandum of understanding (MoU) with Federal Bank 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. The MoU will facilitate a cashless, paperless and transparent payment system on the portal and would create an efficient procurement system for government entities.

The MoU was signed by S. Suresh Kumar, Addl. CEO, GeM and R. Vardharajan, Country Head - Government Business, Federal Bank along with Deepesh Gehlot, Director (GeM) and Hemant Mahindru, State Business Head – Government Business, Federal Bank in the presence of Talleen Kumar, CEO, GeM.

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 & 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.

Talleen Kumar GeM Federal Bank
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!