CURRENT AFFAIRS

Detailed explanation-1: -Government e-Marketplace (GeM) signed a Memorandum of Understanding (MoU) with Union Bank of India.

Detailed explanation-2: -Ministry of Commerce and Industry Maximizing ease in availability of all types of products and services bought by Government buyers.

Detailed explanation-3: -GeM is an online, end-to-end marketplace reform that provides an open, efficient & transparent solution. The platform was launched on 9th August, 2016 and is managed by GeM Special Purpose Vehicle, a 100% Government Owned, Section 8 Company under the Department of Commerce.

Detailed explanation-4: -The Government e Marketplace (or e-Marketplace) (GeM) is an online platform for public procurement in India. The initiative was launched on August 9, 2016 by the Ministry of Commerce and Industry, Government of India with the objective to create an open and transparent procurement platform for government buyers.

Detailed explanation-5: -Government created one stop Government e-Marketplace (GeM) to facilitate on line procurement of common use Goods and Services required by various Government Departments / Organizations / PSUs. GeM will enhance transparency, efficiency and speed in public procurement.