Excelsior Correspondent
MUMBAI, Oct 25: HDFC Asset Management Company Limited (HDFC AMC) announced its on-boarding on Open Network for Digital Commerce (ONDC), becoming one of the first Asset Management Companies (AMCs) to join hands with this revolutionary network.
By enabling mutual fund distributors to access a broader range of AMCs and vice-versa, the ONDC Network is set to revolutionize how investment products are distributed.
A handout stated that this integration marks a significant milestone in the financial services sector, as it aims to democratize access to mutual fund investment products across the country.
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.
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 in improving reach to 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.
On this occasion, Navneet Munot, MD & CEO of HDFC AMC, said: “By joining forces with ONDC, we’re not just offering a new investment channel; we’re democratising wealth creation.”
T Koshy, MD & CEO of ONDC, commented: “HDFC AMC’s integration with ONDC Network is a leap toward democratizing financial access by unbundling the financial journey – breaking down traditional silos, making financial products more visible, accessible and interoperable across platforms.”
A critical aspect of this initiative is the reach to masses. This may become a game-changer for rural and low-income households, who can make investments in manageable amounts. This will serve as a crucial step in bringing mutual funds towards enabling financial growth and wealth creation on a broad scale.
Follow our WhatsApp channel
