Know the rules
The key elements of defining public procurement is using public funds as a source of funding, following public procurement laws and rules to comply with restrictions to utilize its fund, and passing the benefit of procurement to the Public, not to any interest group or individual. If there is any favoritism, nepotism, preferential treatment to any special group or individual, that will be a blemish of public trust and laws for public procurement.
OCED defines Public Procurement as:
"Public procurement refers to the purchase by governments and state-owned enterprises of goods, services, and works. As public procurement accounts for a substantial portion of the taxpayers’ money, governments are expected to carry it out efficiently and with high standards of conduct in order to ensure high quality of service delivery and safeguard the public interest."
Having all these backgrounds, almost all public contracting authorities, whether it is a country or international organization, has public procurement rules, regulations, and guidelines.
United Nations Public Procurement Guidelines
European Union Procurement Guidelines
Federal Acquisition Regulations
Specific to individual Banks
