Reported by: banking|Updated: May 9, 2019
RBL Bank has entered into a memorandum of understanding with the national public procurement platform, Government eMarketplace (GeM) to offer an array of services, including transfer of funds through government Pool A accounts and advising of performance bank guarantees and earnest money deposits. GeM is an initiative of the government of India to provide a one stop platform facilitating online procurement of common use goods and services required by various government departments/organizations and public sector undertakings. The MoU is expected to facilitate a cashless and paperless payment system on the portal and would create an efficient procurement system for government entities. Deepak Gaddhyan, head – Financial Institutions and Government Undertakings, RBL Bank said the partnership will help in facilitating seamless on-boarding and secured transaction process for the government entities, states and PSUs. As GeM is revolutionizing procurement in India and through this association, the bank will be able to expand its digital offerings to a larger base and strengthen its relations further with the various public and government institutions on the platform. S Suresh Kumar, additional CEO, GeM said GeM aims to enhance transparency, efficiency and speed in public procurement.