MUMBAI: Open Network for Digital Commerce (ONDC) and Small Industries Development Bank of India (SIDBI) have signed a Memorandum of Understanding (MoU) to coordinate the work of organizations involved in related fields. By integrating Ministry of Micro, Small & Medium Enterprises (MSMEs) into the ONDC network and promoting their involvement in e-commerce, the alliance aims to transform the MSMEs market.
The partnership between ONDC and SIDBI will create a programmatic approach for MSMEs, starting with sessions to inform them about ONDC, followed by masterclass sessions on the protocol and MVP definition, incentive-driven accelerator programmer, and finally the participants' and their ecosystems' going live and being able to transact.
The Memorandum of Understanding (MoU), signed by Sivasubramanian Ramann, CMD, SIDBI and T Koshy, Managing Director (MD) & Chief executive officer (CEO), ONDC, calls for SIDBI and ONDC to work together on a number of initiatives to support MSMEs' access to the open network e-commerce platform suggested by ONDC.
This program will act as a catalyst to encourage small businesses nationwide to participate in e-commerce on a bigger scale and support their expansion.
SIDBI is particularly motivated to make sure that this significant national program is successful, and it will take use of its solid connections with all of the nation's main MSME manufacturing clusters, beginning with Morbi, Coimbatore, and Ludhiana for engagement with ONDC. SIDBI will also make it easier for ONDC to collaborate with its network of grassroots partners, including those promoting market access for illegal businesses. The women's cooperative "Looms of Ladakh," Access Livelihoods Group, and Annapurna Finance Pvt. Ltd. are the three partners that are being presented to ONDC. SIDBI will investigate e-commerce integrated finance options using its significant fintech ecosystem footprint, according to a statement from Ramann.
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