Current Affairs

GeM Signed MoU with Federal Bank

Current context: The Government e-Marketplace (GeM) signed a memorandum of understanding (MoU) with the Federal Bank for Payment Services.
GeM Signed MoU with Federal Bank 
  • The MoU has been signed to offer:
    1. Transfer of funds through GeM Pool Accounts (GPA)
    2. Advising of Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the portal.
  • The MoU will provide an efficient procurement system for the government with the cashless and paperless transfer.
  • Government launched GeM portal in August 2016 for seamless procurement of goods and services by the government departments in a transparent manner.
  • GeM is also working with other banks, Trade Receivable Discounting System (TReDS), and SIDBI to offer bill discounting and financing of working capital.

Question: 

Q.1 The Government e-Marketplace (GeM) has recently signed MoU with __________ for Payment Services? 
a. Yes Bank
b. Pay Pal
c. Federal Bank
d. Pay U
GeM Signed MoU with Federal Bank GeM Signed MoU with Federal Bank Reviewed by Neha Verma on October 24, 2019 Rating: 5

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