HDFC AMC Joins ONDC to Democratize Wealth Creation

HDFC Asset Management Company has become a pioneer by joining the Open Network for Digital Commerce. This integration aims to revolutionize mutual fund distribution, tackling investment barriers and promoting financial inclusion across India. By leveraging digital public infrastructure, HDFC AMC strives to empower all Indians to participate in wealth creation.

HDFC Asset Management Company (AMC) Limited has marked a milestone by becoming one of the first asset management enterprises to join the Open Network for Digital Commerce (ONDC). This strategic move is poised to transform the distribution of investment products by expanding access to a wider range of mutual fund distributors and AMCs.

According to a statement from HDFC AMC, this integration signifies an important step in the financial services industry, aiming to democratize mutual fund access nationwide. The alliance with ONDC is designed to overcome traditional investment challenges, such as low income, inconsistent cash flow, and restricted financial tool access, affecting large segments of India's populace.

Speaking on the development, HDFC AMC's MD and CEO, Navneet Munot, emphasized their commitment to financial inclusion. He highlighted that ONDC's open protocol would enhance the reach of investment products, facilitating financial inclusion and wealth creation for individuals across various income levels. Complementing this sentiment, T Koshy, MD and CEO of ONDC, noted that this partnership aims to dismantle existing barriers in the financial journey, offering seamless access and empowering individuals across geographical and economic boundaries to engage in wealth creation endeavors.

(With inputs from agencies.)