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.
According to the police complaint, six robbers travelling in a car intercepted the truck near Muthani diversion on the GT Road, now known as National Highway-2, around 10.30 pm on Thursday and held the driver, Desh Raj, captive at gunpoint
In a display of communal harmony, a group of Hindu boys in Uttar Pradesh’'s Kanpur city formed a human chain around a Muslim man’s “baraat” to safely escort them to their destination.
The Akali Dal had supported the Citizenship (Amendment) Act in Parliament, but had since come out with conflicting statements on the new legislation, Punjab Chief Minister Amarinder Singh said.
