Union Bank of India has signed a Memorandum of Understanding (MoU) with Government e-Marketplace (GeM) to facilitate a cashless, paperless and transparent payment system on the GeM portal.
Through this partnership, the bank will be able to offer an array of services including transfer of funds through GeM Pool Accounts (GPA), advising of Performance Bank Guarantees (e-PBG) and Earnest Money Deposit (EMD) to the registered users on the GeM portal.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
