HSBC India became the first foreign bank in India to launch ‘ONDC in a Box’

Daily Current Affairs / HSBC India became the first foreign bank in India to launch ‘ONDC in a Box’

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Category : Business and economics Published on: September 16 2023

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Hong Kong and Shanghai Banking Corporation (HSBC) India has launched ‘ONDC in a Box’, a one-stop-shop proposition for corporates towards seamless enablement on ONDC.
With this launch, HSBC India became the first foreign bank in India to offer an ONDC-enabled proposition.
The Open Network for Digital Commerce (ONDC) is an initiative by the Department for Promotion of Industry and Internal Trade, and the Ministry of Commerce and Industry to build an open, interoperable network on which buyers and sellers can transact without needing to be present on the same platform.
ONDC aims at fostering an inclusive, competitive, and open network, amplifying its impact across the business spectrum.