MUMBAI: Open Network for Digital Commerce, a non-profit entity set up by the commerce ministry and the department of promotion of industry and internal trade, has started facilitating digital credit on the open network. According to ONDC, the new setup will ensure fully digital, paperless loans are available in six minutes.
Govt set up ONDC to allow small businesses’ access to multiple online channels such as marketplaces, social commerce platforms, and e-commerce sites.ONDC allows any local business that plugs into the network to sell its products through these multiple channels.