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.
The Customs officials on Sunday recovered an unclaimed bag containing 'cocaine capsules' valued at Rs 15 crore from the Indira Gandhi International Airport here, an official said. The official said that it was seized and a case was lodged and efforts were being made to identify the accused who abandoned the bag.
In the run-up to the February 20 Assembly elections in Punjab, Chief Minister Charanjit Singh Channi's chopper was not allowed to take off from Chandigarh on Monday owing to Prime Minister Narendra Modi's movement in the state.
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Honey was presented at the court after his Enforcement Directorate (ED) custody expired on Friday. Earlier, on two occasions, the court had granted ED the custody of Honey.
Wrestler Dalip Singh Rana, 'the Great Khali', on Thursday joined BJP. Khali has joined the BJP in presence of Union Minister Jitendra Singh and party national general secretary Arun Singh and Member of Parliament Sunita Duggal at party national headquarters.
Anand Singh is a businessman living in RS Puram of Coimbatore and now he has hit the headlines after filing his nomination papers as an independent candidate from ward no 71 for the Urban local body elections in Coimbatore.
