SBI slow in procurement from GeM portal; lags behind smaller counterparts in 2022-23

State Bank of India (SBI) was slow in procuring goods and services from the government-owned GeM portal in 2022-23, while Canara Bank became the largest buyer, followed by Punjab National Bank and Indian Overseas Bank, according to government data. SBI was fourth on the list and purchased Rs 158.22 crore from the portal. The GeM portal was launched in 2016 for online purchasing of goods and services by central government ministries and departments, and currently has over 63,000 government buyer organisations and six crore sellers and service providers.

from Banking/Finance-Industry-Economic Times https://ift.tt/3ctoMvQ

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SBI slow in procurement from GeM portal; lags behind smaller counterparts in 2022-23

Canara Bank emerged as the largest buyer among the state-owned lenders in 2022-23, making total purchases of ₹592.82 crore from the portal, the data showed

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Rs 2k note exchange won't be tough: Govt

Unlike 2016, the government and the Reserve Bank of India do not see any challenge in exchanging Rs 2,000 notes, which will remain a legal tender despite the central bank having set a deadline of September 30 for swapping or depositing the high value notes.

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For note exchange, follow cash deposit norms, RBI tells banks

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Rush to change Rs 2,000 notes spills on to many routes

People reacted differently on Saturday following the announcement of Rs 2,000 note withdrwal. Some hoarders tried to buy gold at a premium, others tried target forex and donations but most avoided bank deposits.

from Banking/Finance-Industry-Economic Times https://ift.tt/ZIyUfY6

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