ONDC MoU with SIDBI
A Memorandum of Understanding was recently inked between ‘Open Network for Digital Commerce (ONDC)’ and ‘Small Industries Development Bank of India (SIDBI)’, to increase the participation of small and medium-sized businesses in e-commerce, by bringing them on the ONDC network.
Highlights of the MoU:
- As a part of MoU, SIDBI and ONDC will make efforts to help MSMEs in accessing the open network ecommerce platform of ONDC.
- Under it, network of SIDBI will be connected to ONDC, in a bid to revolutionize ecosystem of small industries.
- It will act as a driving force to start the participation of small industries in e-commerce on a larger scale.
- Both the entities will hold sessions with MSMEs, in a bid to educate them regarding the ONDC network, protocol and MVP definition.
- They will also conduct accelerator programs to incentivise MSMEs and enable them join the ONDC’s network.
To implement this initiative, SIDBI will support its strong relationships with all MSME industrial clusters across cities like Coimbatore, Morbi, and Ludhiana. SIDBI will also help in engaging ONDC with its network of partner grassroots agencies.
Small Industries Development Bank of India (SIDBI)
SIDBI is the apex regulatory body, involved in licensing and regulation of micro, small and medium enterprise finance companies across India. It works under the parent head of Ministry of Finance. It is headquartered at Lucknow. Its main objective is to provide refinance facilities to banks and financial institutions. It was set up in 1989.
Category: Economy & Banking Current Affairs - 2024