News:The government e-Marketplace (GeM) has signed a Memorandum of Understanding (MoU) with Federal Bank to offer different services including the transfer of funds.
- Government e Marketplace is an online marketplace setup in 2016 for procurement of commonly used goods and services by government ministries,departments and CPSEs.
- It aims to enhance transparency, efficiency and speed in public procurement.
- It is a National Procurement Portal of India.It functions under Directorate General of Supplies and Disposals (DGS&D),Ministry of Commerce and Industry.
Benefits of GeM:
- Transparency: GeM eliminates human interface in vendor registration, order placement and payment processing to a great extent.
- Efficiency:Direct purchase on GeM can be done in a matter of minutes and the entire process online, end to end integrated with online tools for assessing price reasonability
- Secure and safe: GeM is a completely secure platform and all the documents on GeM are e-Signed at various stages by the buyers and sellers.
- Savings to the Government: transparency, efficiency and ease of use of the GeM portal has resulted in a substantial reduction in prices on GeM.