Current Affairs

GeM signs MOU with Union Bank of India

Current context: A Memorandum of Understanding (MoU) was signed between Government e-Marketplace (GeM) and Union Bank of India (UBI) on 10th October 2019.
GeM signs MOU with Union Bank of India
  • The MoU will offer paperless, cashless and transparent payment and procurement system for government entities on the GeM portal.
  • As per the MOU, the Union Bank of India will offer services including:
    1. Transfer of funds through GeM Pool Accounts (GPA)
    2. Advising of Performance Bank Guarantees (e-PBG)
    3. Earnest Money Deposit (EMD) to the registered users on the GeM portal
  • GeM has already signed MoU with 14 Public Sector and private banks to enable online integration for payments and various banking services.
  • GeM through MoU with TReDs and SIDBI provide invoice financing and Bill Discounting to the MSMEs registered on GeM.
  • GeM is a one stop platform for online procurement of goods and services required by various government departments, Public Sector Units etc. in a transparent manner.

Question: 

Q.1 Government e-Marketplace (GeM) has recently signed MoU with which bank to provide paperless and cashless payment and procurement system for government entities?
a. Union Bank of India
b. Bank of Baroda
c. Punjab National Bank
d. State Bank of India
GeM signs MOU with Union Bank of India GeM signs MOU with Union Bank of India Reviewed by Neha Verma on October 12, 2019 Rating: 5

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