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GeM inks pact with UCO Bank, Bank of Maharashtra

19 Dec 2019 Evaluate

The government e-marketplace (GeM) has signed two agreements with UCO Bank and Bank of Maharashtra to offer services like transfer of funds through GeM pool accounts and earnest money deposit (EMD) to the registered users on the portal. The pact also include advising of performance bank guarantees (e-PBG).

Integration for payments and various banking services is one of the priorities for GeM towards the cherished goal of a paperless, contactless and cashless system. GeM has already signed MoUs with 19 Public Sector and Private Banks to enable these functionalities.

UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.

Peers
Company Name CMP
State Bank Of India 941.00
PNB 116.00
Bank Of Baroda 235.00
Canara Bank 118.10
Union Bank Of India 171.45
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