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.
Before taking over as Vice Chief of the Indian Air Force, HS Arora was Air Officer Commanding-in-Chief (AOC-in-C) of the South Western Air Command at Gandhinagar.
S Jaishankar US Visit: The External Affairs Minister was responding to a query about India and Pakistan being "hyphenated" once again following the abrogation of Jammu and Kashmir's temporary special status after revocation of Article 370 of the Constitution of India.
The electrification of two-wheelers and buses in India has already picked up pace, but the country also wants to become a major market for electric cars by 2030.
A senior government source told IANS: "The security at the Amritsar airport has been beefed up following the recovery of drones along the India-Pak border."
