
GeM, the online marketplace for public procurement, has signed a memorandum of understanding with Central Bank of India to offer services such as transfer of funds through GeM pool accounts, advising of electronic performance bank guarantees and earnest money deposit to registered users. The agreement was signed by Rajeev Kandpal, chief Financial Officer, GeM and AK Mishra, field general manager,Central Bank of India. Talleen Kumar, CEO, GeM, also was present.
Integration for payments and other banking services is key to GeM’s goal of a paperless, contactless and cashless system. The online marketplace has already signed agreements with 18 public and private sector banks towards this end.
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