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.
For the third consecutive day, Maharashtra reported cases of Covid-19 variant Omicron, with two more in Mumbai taking the state's tally to 10, health officials said on Monday.
Police officials said that the gang of six members, including two women, began its activities just before the first lockdown in 2020. The main member, the kingpin of the racket, identified as Neeraj of Haryana's Bahadurgarh, was apprehended by the police near PVR Cinema, Sector-14, Prashant Vihar, Rohini.
Punjab Chief Minister Charanjit Channi on Monday blamed his predecessor Amarinder Singh, Shiromani Akali Dal President Sukhbir Badal and the BJP for clandestinely harming the state's interests, with their sole focus on the forthcoming Assembly polls.
The Delhi Police on Monday told a court that no cognisable offence was committed under its jurisdiction, while replying to a plea seeking lodging of an FIR against Haryana Chief Minister Manohar Lal Khattar for his alleged remarks against the protesting farmers in a video. The Delhi Police's submission came after the court sought an action taken report (ATR) in the matter.
Acceding to the major demand of the PHD Chamber of Commerce and Industry, Channi said the foundation stone of a convention centre for PITEX spread over 10 acres would be laid within a week to enable the organisation to carry out diverse range of activities to promote trade and industry in the region in a big way.
Union Health Minister Mansukh Mandaviya on Friday informed the Lok Sabha that Punjab had reported four deaths due to shortage of Oxygen during the second wave of Covid-19 pandemic.
