Agencies
MUMBAI, Oct 21: HDFC Asset Management Company Limited (HDFC AMC) has announced its onboarding on the Open Network for Digital Commerce (ONDC), becoming one of the first Asset Management Companies (AMCs) to integrate with this innovative network. This initiative aims to democratize access to mutual fund investment products, making them more affordable and accessible, particularly for underserved regions in India.
By connecting mutual fund distributors with a wider range of AMCs, the ONDC Network is set to transform how investment products are distributed. This integration aligns with HDFC AMC’s mission to create wealth for every Indian and to enable first-time investors to participate in India’s growth story.
The ONDC integration addresses three common barriers to investment: low incomes, irregular cash flows, and limited access to financial tools. By leveraging ONDC’s open protocol, HDFC AMC aims to improve reach among the investing population, empowering individuals from various backgrounds to take steps toward financial inclusion and wealth creation.
Navneet Munot, MD & CEO of HDFC AMC, stated, “We are committed to financial inclusion. By joining ONDC, we’re not just offering a new investment channel; we’re democratizing wealth creation. This network allows us to reach every corner of Bharat, transforming small savings into meaningful investments.”
T Koshy, MD & CEO of ONDC, praised the partnership as a significant step toward democratizing financial access, making financial products more visible, accessible, and interoperable. He emphasized the potential of this initiative to foster financial independence and promote long-term value creation, particularly for rural and low-income households. As a key player in this initiative, HDFC AMC sets the stage for other AMCs to join the movement, reinforcing its role as a crucial enabler in enhancing financial accessibility across India. |
