FinMin pushes PSBs to enhance procurement via GeM to Rs 10,000 cr in FY24

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The Department of Financial Services in the Ministry of Finance is pushing public sector banks (PSBs) to enhance their procurement through the Government e-Marketplace (GeM) portal to Rs 10,000 crore in FY24, as it saves cost and brings transparency in the procurement procedure, a senior official said.

“Beginning next financial year, PSBs would be more actively engaged on the platform and are expected to reach about Rs 10,000 crore for FY24. The target for the current financial year is Rs 6,000 crore and they are on track to achieve it. The PSBs have procured Rs 5,000 crore worth of Gross