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.
According to the officials, now the foreign travelers will be allowed to visit India without a mandatory quarantine. The government's move came 20 months after the pandemic situation improved in the country.
Gurkirat Singh, who was the chief guest at Punjab Day Function held during the ongoing India International Trade Fair 2021 at Pragati Maidan, also urged the Central government for reopening of Kartarpur Corridor, which has been closed since March 2020 due to Covid-19 pandemic.
Acceding to a long-pending demand of former Olympians, Punjab Sports and Youth Affairs Minister Pargat Singh on Monday announced to waive the condition of income limit on pension of medal winner international players.
Out of the total surveyed people in Punjab, 52.1 per cent think that the new party of ex-Chief Minister Amarinder Singh will hurt the Congress, as per the ABP-CVoter-IANS 5-State Snap Poll.
The Delhi High Court on Friday dismissed a petition seeking removal of the then Delhi Police Commissioner S N Srivastava from his post and punishment for police officials who allegedly failed to discharge their duty during the farmers' tractor rally in the national capital on January 26 (Republic Day).
The West Bengal government is planning to bring a resolution in the Assembly against the extension of jurisdiction of the BSF in the state. After Punjab, West Bengal will be the second state to bring such a resolution.
