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.
Two men aged 32 and 40 drowned in the swimming pool of a hotel located on the Pataudi-Helimandi Road in Gurugram's Pataudi area on Friday. The police have identified the deceased persons as Rajesh and Sher Singh, both residents of Jatauli village in Pataudi.
Punjab Chief Minister Amarinder Singh on Friday slammed the Aam Aadmi Party (AAP) over its criticism of his government's decision on debt waiver for farm labourers and landless farmers, saying it exposed the Arvind Kejriwal party's "anti-farmer stance".
With the detailed project report completed and land acquisition started, the work on building India's longest (11.80 km) road tunnel linking Thane-Borivali - passing beneath the Sanjay Gandhi National Park (SGNP) - will start from March 2022, Maharashtra PWD Minister Eknath Gaikwad said on Thursday.
The Punjab BJP feels that anger among the farmers in the state against the three new farm laws and its leadership is at the behest of the ruling Congress party. Recently over a dozen BJP leaders were taken hostage in Rajpura in Patiala by protesting farmers.
This is a significant development after the new Information Technology Minister Ashwini Vaishnaw made it crystal clear within minutes of taking charge that "law of the land is supreme" and no one can afford to disrespect it.
Denying reports of his resignation, Punjab Chief Minister Amarinder Singh's media advisor Raveen Thukral said on Thursday that the former would lead the Congress to victory in the Assembly elections scheduled early next year.
