Federal Bank and NCDEX e-Markets Limited (NEML) enter into agreement to streamline e-procurement, e-auction
Banking & Finance
Federal Bank has announced collaboration with NCDEX e-Markets Limited (NEML) to strengthen the integration of its e-procurement and e-auction systems. NEML, a wholly owned subsidiary of National Commodity and Derivatives Exchange Limited (NCDEX), holds the leading market share in transparent price discovery across over 90 commodities. The alliance will facilitate an advanced e-procurement solution streamlining processes for Central and State Government organisations. Key benefits include nationwide participation, better price discovery and protection against cartel structures, allowing participants to increase their bid prices according to market scenarios. Key features of the collaborative effort are: end-to-end digital execution of payments and collections; A plug-and-play solution tailored for government customers; Simplified one-time documentation process for customers; Automated settlement of each remittance within the web portal of NEML; Customizable payment advice to each beneficiary against payments; And no additional fees or costs. ​
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