GeM signs MoU with Central Bank of India

Government e-Marketplace (GeM) has signed an MoU with Central Bank of India for availing various services, including transfer of funds. Integration for payments and various banking services is one of the priorities for GeM towards the goal of paperless, contactless and cashless system, it said.

GeM has already signed MoU with 18 public and private banks to enable this, it said. 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 and rating of a seller on GeM.

This will help sellers in general and MSMEs in particular to access easy credit and do better business with the government, it added.