Digital Leap: HDFC AMC joins ONDC Network
HDFC Asset Management Company (HDFC AMC) has announced its onboarding on the Open Network for Digital Commerce (ONDC), becoming one of the first AMCs to join hands with this network.
By enabling mutual fund distributors to access a broader range of AMCs and vice versa, the ONDC Network is set to revolutionise how investment products are distributed. This integration marks a significant milestone in the financial services sector, as it aims to democratise access to mutual fund investment products across the country, according to a press release.
The integration aligns with HDFC AMC's broader mission of becoming the wealth creator for every Indian. By leveraging ONDC's open protocol, the initiative will bring mutual funds to the masses, enabling more first-time investors to take part in India’s growth story, said the release.
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The integration with ONDC will further aid in tackling three common barriers to investment faced by a significant portion of India’s population: low incomes, irregular cash flows, and limited access to financial tools. The ONDC Network’s open protocol will help improve reach to the large investing population by offering mutual fund investment products. This will empower every individual, regardless of their income, to take the first step towards financial inclusion and wealth creation, stated in the release.
«At HDFC AMC, we are deeply committed towards financial inclusion. By joining
