Current Affairs - Banking - Discussion

HDFC Bank signed a memorandum of understanding (MoU) with the Government e-Marketplace (GeM) under which, it will facilitate a host of transaction/banking related services for the portal. GeM is an online marketplace for central and state government ministries/ departments, central or state public sector undertakings, autonomous institutions and local bodies for procurement of common use goods/services. GeM brings in transparency and efficiency in the entire public procurement process. About 20 states have already signed a MoU with GeM. Role of HDFC Bank would be to ensure timely payment to the sellers.