HDFC AMC Joins ONDC to Revolutionize Mutual Fund Access in India
HDFC Asset Management Company (AMC) Limited has become one of the first asset management companies to join the Open Network for Digital Commerce (ONDC). This move aims to transform the distribution of investment products by allowing mutual fund distributors to access a wider range of AMCs. HDFC AMC stated that this integration is a significant milestone in the financial services sector, aiming to democratize access to mutual fund investment products across India.
The ONDC network will help overcome barriers to investment such as low incomes, irregular cash flows, and limited access to financial tools. HDFC AMC emphasized that the open protocol of the ONDC Network will improve reach to a large investing population, empowering individuals to take steps towards financial inclusion and wealth creation.
Statements from Key Figures
Navneet Munot, MD and CEO of HDFC AMC, expressed commitment to financial inclusion, stating, “By joining forces with ONDC, we’re not just offering a new investment channel; we’re democratizing wealth creation.” T Koshy, MD and CEO of ONDC, added that HDFC AMC’s integration is a leap toward democratizing financial access by making financial products more visible and accessible.
About ONDC
ONDC, established on December 31, 2021, is a non-profit company by the Department for Promotion of Industry and Internal Trade (DPIIT). It aims to promote open-source networks for exchanging goods and services on the internet, independent of any specific platform.
Doubts Revealed
HDFC AMC -: HDFC Asset Management Company is a company in India that helps people invest their money in mutual funds, which are like big pools of money collected from many people to invest in things like stocks and bonds.
ONDC -: ONDC stands for Open Network for Digital Commerce. It’s a project in India that aims to make buying and selling things online easier and more open for everyone.
Mutual Fund -: A mutual fund is a way for people to invest their money together in a variety of things like stocks or bonds, which can help them earn more money over time.
Financial Inclusion -: Financial inclusion means making sure everyone, no matter how much money they have, can access financial services like banks and investments.
DPIIT -: DPIIT stands for Department for Promotion of Industry and Internal Trade, which is a part of the Indian government that helps businesses grow and trade better.