IDBI Bank forays into ONDC to help MSMEs set up their digital stores

Public lender IDBI Bank is all set to foray into the Open Network Digital Commerce (ONDC) to help the Micro, Small and Medium Enterprises (MSMEs) and other retail merchants to set up their digital stores.
 
The MSME sector contributes about 30 per cent to India’s GDP, and 45 per cent to India’s exports and is also the second largest employer of workforce after agriculture, as per data shared by the Micro, Small, and Medium Enterprises Ministry.
 
This announcement came in the wake of a slew of initiatives the bank announced on its 59th edition of its Foundation Day. 
 
This apart, IDBI Bank also announced other initiatives that are focused on consumer centricity and meeting the needs of the ever-evolving financial system. Other initiatives announced include launching a platform for digitising the Kisan Credit Card loan process. The platform called DigiKCC has built-in capabilities for scrutiny of loan applications to enable end-to-end digital and paperless journeys. Though launched in Maharashtra, this service will be gradually extended to other states.
 
In addition, the bank launched the Warehouse Receipt Processing System for an end-to-end integrated digital solution for loans against Warehouse Receipts. 
 
“The Bank enhanced its mobile banking app, GO Mobile+ to feature special amenities for Senior Citizens under the “Naman” page, including facilities like door-step banking,” the release read. 

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