The Punjab National Bank (PNB) stated that it has committed Rs10.00 crore in the first tranche of its investment in Open Network for Digital Commerce (ONDC). PNB’s Board of Directors had already authorised investing in ONDC with a 9.5 percent equity stake, according to a press statement. ONDC is a ministry of commerce and industry project aimed at promoting open networks for all areas of digital goods and service exchange. ONDC is built on open-source approach, employing open standards and open network protocols, and is platform agnostic.
The Quality Council of India (QCI) and Protean eGov Technologies Limited invested early in ONDC, which was incorporated on December 30, 2021. For practically all sorts of enterprises, ONDC is projected to automate the whole value chain, standardise processes, boost supplier involvement, improve logistical efficiency, and increase customer value. Buyers and sellers must utilise the same platform/application to do business under the current platform-centric digital commerce paradigm. Buyers would be able to access all services now supplied by multiple sellers on different platforms using ONDC’s network-centric paradigm, making the network interoperable.
