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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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