Private sector lender HDFC Bank today signed an agreement with the Government e-Marketplace (GeM) under which the bank will facilitate a host of services to the public procurement portal for Central and state government organisations.
The MoU is significant as Government e-marketplace will bring transparency and efficiency in the procurement process with assured and timely payment to the sellers, HDFC Bank said in a statement.
GeM provides an end-to-end online marketplace for central and state government ministries or departments, central or state public sector undertakings, autonomous institutions and local bodies for procurement of common use goods /services in a transparent and efficient manner.
About 20 states have already signed an MoU with GeM to use this portal for their procurements.
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