BoB signs MoU with DGS&D for services to govt's e-marketplace

Bank of Baroda has entered into an agreement with Directorate General of Supplies & Disposal (DGS&D) for extending various banking services to Government e-Marketplace (GeM).

DGS&D has been mandated to set up GeM, an initiative intended to bring greater transparency and efficiency in public procurements, BoB said in a statement today.

The relationship of the bank with GeM will immensely benefit all stakeholders and ensure a support system including a dedicated team for seamless functioning of the portal, it said.

The Cabinet had in April 2017 approved creation of GeM Special Purpose Vehicle (SPV), which will replace DGS&D, nodal purchase organisation of the central government.

The GeM SPV has been established as National Public Procurement Portal to provide an end-to-end online marketplace for central and state government departments, their public sector undertakings, autonomous institutions and local bodies, for procurement of common goods and services in a transparent and efficient manner.

The DGS&D shall be wound up and cease its functions by October this year. "In case it is not possible to wind up DGS&D by October 31, 2017, the department may extend the date of closure with proper justification latest up to March 31, 2018," the Cabinet had decided.

Besides, the bank carried a tree plantation drive on its 110th foundation day yesterday.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)