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Piyush Goyal reviews Open Network for Digital Commerce

26/10/2021 at 3:07 PM

New Delhi, Oct 26: The Union Minister of Commerce & Industry,Piyush Goyal reviewed the progress on Open Network for Digital Commerce (ONDC) initiative of DPIIT.

The Minister was apprised about the significant progress made for the project. QCI has established a team of experts for execution of the project in a mission mode.

A number of small and medium enterprises have been on-boarded as volunteers to complement ONDC team. An ONDC gateway has also been established. About 20 entities covering all network components are at various stages of on-boarding. DPIIT has approved a budget of approximately Rs 10 crores for initial work on the project.

It has been suggested to establish a private sector led non-profit company. The entity is expected to provide a start-up mindset for a population scale implementation, enabled by a management with a futuristic vision, leadership with a deep understanding of commerce, comfort with cutting edge technology, and missionary outlook to drive change.

The meeting was also attended by a number of prospective promoters including senior representatives from State Bank of India, Punjab National Bank, Bank of Baroda, NABARD, SIDBI, National Payments Corporation of India, NSDL, CDSL, NSE and BSE.

Goyal expressed satisfaction with the progress made and desired to compress timelines for making this network a reality soon.

He directed that wide participation from ecosystem should be ensured and the institutional structure should be created in such a manner so as to ensure that the entity conducts itself in an ethical, cooperative, democratic and responsible manner.He directed that special efforts must be made to build trust in the ONDC network and elaborate mechanisms must be put in place for dispute resolution.

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