GeM partnered with Federal Bank for payment related services:
The Government e-Marketplace (GeM) signed a memorandum of understanding (MOU) with the Federal Bank for payment-related services. The MOU was signed by S. Suresh Kumar, Addl. CEO, GeM and R. Vardharajan, Country Head - Government Business, Federal Bank.
MoU:
The MoU will offer a number of services, including advising of Performance Bank Guarantees (e-PBG), transfer of funds through GeM Pool Accounts (GPA), and Earnest Money Deposit (EMD) to the registered users on the portal.
The MOU will provide a cashless, paperless, and transparent payment system on the portal.
It will also create an efficient procurement system for government entities.
GeM`s other measures:
Apart from Federal Bank, GeM is working with Banks, Trade Receivables electronic Discounting System (TReDs), and Small Industries Development Bank of India (SIDBI) in order to provide bill discounting and financing of working capital.
By this move, the cost of capital is now linked to the performance and rating of a seller on GeM. This will help the sellers to access easy credit and do better business with the government.
GeM is planning to create of EMD pool account for making it easy for sellers to comply with the EMD requirements while responding to bids.
Government e-Marketplace (GeM):
GeM is an initiative launched by the Ministry of Commerce, the Government of India. It offers a one-stop platform that facilitates the online procurement of common use goods and services that are required by various government departments, organizations, Public Sector Units (PSUs). GeM also provides tools for Direct Purchase, bidding, and reverse auction in a transparent manner for government departments.
Ministry of Railways signed MoU with ISB:
Ministry of Railways signed an MoU with the Indian School of Business (ISB) for a strategic partnership. The MoU was signed by Shri Vinod Kumar Yadav, Chairman, Railway Board, and Professor Rajendra Srivastava, Dean, ISB.
MoU:
The comprehensive MoU various aspects, including executive education programs, developing research opportunities, developing case studies, and pedagogical materials. It aims to make the Railways an innovation and technology-driven future-ready organization.
The MoU will allow Indian Railways to build leadership talent in a rapidly changing competitive environment. It will also facilitate research in areas of importance to the Railways.
ISB will offer appropriate learning interventions, develop thought leadership, and initiate research programs to bring up an innovative railway in India’s developmental processes.
The Railway Board and ISB will also jointly conduct research in areas of mutual interest and develop case studies. ISB is expected to initiate an Executive in Residence Programme and involve senior executives of Indian Railways to participate. ISB Faculty will be selected, and they will advise the Railway Board in areas of mutual interest.
Indian Railways and ISB:
ISB is a global business school. It offers world-class management education across its two campuses at Hyderabad and Mohali. So far, the ISB has been training the Indian Railway officers for their mid-career training requirements. This MoU will further strengthen the collaboration.