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.
"This winter, choose products that are infused with natural ingredients to help protect your baby's skin. Also, be sure to keep your baby warm and dress her appropriately.
A stall by self-help women's group from Uttarakhand is a major hit at the ongoing CII Chandigarh Fair being held at Parade Ground here, exhibition organisers said on Saturday.
A few anonymous employees of global software vendor Infosys have accused its Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of unethical practices for many quarters.
The saffron party appeared headed for a landslide victory in Haryana and a win with a huge margin in Maharashtra along with its allies, including Shiv Sena, five months after the tremendous performance in Lok Sabha elections.
With the tender submission date to procure the National Automated Facial Recognition System (AFRS) just 20 days away, India is closer to install worlds largest facial recognition system to track and nab criminals.
