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.
Extending his greetings to the people on Prakash Purb of Guru Nanak Dev, the Chief Minister said it was really a matter of great honour to inaugurate this prestigious project which happens to coincide with Gurpurab.
Three employees of Air India, accused of having a role in the smuggling of gold, have been arrested, officials said on Friday. They have been accused of having a hand in a recent incident wherein 1.5 kg gold -- stored beneath an aircraft's seat -- was seized.
Prime Minister Narendra Modi's announcement on Friday to repeal the three farm laws has brought cheers to the agitating farmers' organisations.However, Anil Ghanwat, a farm leader from Maharashtra who was one of the three members of the Supreme Court appointed committee on farm laws earlier this year, has termed the decision as "unfortunate".
Coinciding with the auspicious occasion of Guru Nanak Jayanti, Modi also announced that the constitutional process to repeal the laws would be taken up in the winter session of Parliament that begins on November 29 and appealed to the agitating farmers to withdraw their agitation and go back to their homes.
Prime Minister Narendra Modi on Thursday said the global trust earned by the Indian healthcare sector has led to the nation being called the "pharmacy of the world", in recent times.
Punjab Chief Minister Charanjit Singh Channi on Thursday urged the national governments of India and Pakistan to simplify the procedure for obtaining permission to pay obeisance at Gurdwara Sri Kartarpur Sahib.
