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.
In a blow to India, Moody’s Investors Service has cut the country’s credit rating outlook to negative--the first step towards a downgrade, saying the government has been partly ineffective in addressing economic weakness, leading to rising risks that growth will remain lower.
For a region that is the epicentre of crop fire burning, Punjab is exhibiting fairly comfortable levels of air quality index (AQI) while many parts of Delhi NCR, Haryana and Uttar Pradesh are showing elevated air pollution levels.
Former Congress President Rahul Gandhi on Friday thanked all the personnel of the Special Protection Group (SPG) for dedicatedly protecting him and his family for years and said it was "journey" filled with "affection and learning".
Time changes everything. The hardcore face of Hindutva in the 1990s became the "acceptable" saffron leader in run up to 2014 elections and finally being sidelined in the party.
At the time the Indian Space Research Organisation (ISRO) was trying to land Chandrayaan-2 spacecraft's Vikram lander on the Moon, suspected North Korean hackers might have attacked the space agency, the Daily Mail reported on Friday.
