New Delhi, March 24 (IANS) Lending major Punjab National Bank (PNB) has acquired a 5.97 per cent stake in Open Network for Digital Commerce (ONDC) in the first tranche.
ONDC is an initiative of the Ministry of Commerce and Industry to promote open networks for all aspects of the exchange of goods and services over digital networks.
It was incorporated on December 30, 2021, with an early investment from the Quality Council of India (QCI) and Protean eGov Technologies.
ONDC is expected to digitise the entire value chain, standardise operations, promote inclusion of suppliers, derive efficiencies in logistics, and enhance value for consumers for almost all types of businesses.
"In the current platform-centric digital commerce model, buyers and sellers must use the same platform or application to do a business transaction," PNB said in a statement.
"With ONDC's network-centric model, buyers will be able to access all services currently provided by various sellers on different platforms, on a common network, thus making the network interoperable," it added.
In its earlier meeting, the board of PNB had approved investing in ONDC with an equity participation of 9.5 per cent.
"Accordingly, the bank has invested Rs 10 crore for acquiring a 5.97 per cent stake of ONDC in its first tranche, as per the directives of its board," the statement said.
Last year 'WhatsApp killer" yoga guru Ramdev's dream 'swadeshi' messaging app 'Kimbho' was taken down from app stores owing to privacy concerns as it also failed to create any buzz.
The Punjab government will mark the International Women's Day on Sunday in a unique way by reserving a stretch of the main road in every district for from 7 p.m. on Saturday to 1 a.m. the next day.
The death toll in the Delhi’s communal violence has gone up to 42 now with four more fatalities being recorded at the city’s GTB Hospital on Friday, officials said.
As communal violence spiked in northeast Delhi earlier this week, Hindu, Muslim and Sikh residents of a colony came together and stood guard against frenzied mobs which ran riot in nearby areas vandalising homes, shops and torching cars.
The Delhi government on Friday granted sanction to the Delhi Police to prosecute former JNUSU President Kanhaiya Kumar and others in the 2016 sedition case.
A police complaint has been filed with the Delhi Police as well as the Maharashtra Police against the Wall Street Journal (WSJ) for "defaming a particular religion and spreading communal tension" by "misreporting" on the Delhi riots and the killing of IB staffer Ankit Sharma.
