RBL Bank and GeM sign MoU to provide banking solutions

RBL Bank has announced that it has signed an MoU with the national public procurement platform, Government e-Marketplace (GeM). 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 / organisations / PSUs.

Through this partnership, RBL Bank will be able to offer an array of services including transfer of funds through Government Pool Accounts; advising of Performance Bank Guarantees (eBG) and Earnest Money Deposit (EMD) etc to the registered users on the portal. The MoU will 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, “This partnership will help in facilitating seamless on-boarding and secured transaction process for the government entities, states and PSUs. At RBL Bank, we have always aimed at providing agile and effective digital solutions. GeM is revolutionising procurement in India and through this association, we will be able to expand our digital offerings to a larger base and strengthen our 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. Our association with RBL Bank reinforces our objective.”

GeM provides tools for e-bidding, reverse e-auction and demand aggregation to facilitate the government users, achieve the best value for their money. Presently, close to 28 state governments/UTs have signed an MOU with GeM for procurement.