Wednesday, May 29, 2024

SBI slow in procurement from GeM portal; lags behind counterparts in FY23

According to recent reports, the State Bank of India (SBI) has been slower in its procurement activities from the Government e-Marketplace (GeM) portal compared to its counterparts during the financial year 2022-23. GeM is an online platform established by the Indian government to facilitate procurement of goods and services by various government departments and organizations.

SBI, being a public sector bank, is expected to actively utilize the GeM platform for its procurement requirements. However, data indicates that SBI has lagged behind other public sector banks in terms of the value of purchases made through GeM during the fiscal year in question.

While the exact reasons behind SBI’s slower procurement from GeM are not mentioned in the reports, it could be attributed to various factors. One possible factor could be the bank’s internal procurement processes, which may require additional time or follow different procedures compared to other banks. Additionally, factors such as specific sourcing requirements, budgetary constraints, or operational challenges could have impacted SBI’s utilization of the GeM platform.

Efficient utilization of the GeM portal can offer several benefits, including cost savings, increased transparency, and simplified procurement processes. By leveraging the GeM platform, organizations can access a wide range of goods and services offered by registered vendors, ensuring a competitive and streamlined procurement process.

To bridge the gap and improve its procurement efficiency, it is essential for SBI to evaluate its procurement strategies and explore ways to enhance its utilization of the GeM portal. This could involve streamlining internal processes, providing necessary training to staff members, and aligning its procurement practices with the digital marketplace’s requirements.

The reports highlighting SBI’s slower procurement from GeM underscore the importance of leveraging digital platforms for efficient and transparent procurement practices. It also highlights the need for continuous monitoring and evaluation of procurement processes to ensure optimal utilization of available resources and platforms.

It is worth noting that the situation may have evolved since my knowledge cutoff in September 2021. Therefore, for the latest and most accurate information on SBI’s procurement activities from the GeM portal, it is advisable to refer to reliable news sources or official statements from the concerned parties

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