October 21, 2024

HDFC AMC joins ONDC Network to expand mutual fund access to low-income groups

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HDFC Asset Management Company Limited (HDFC AMC) on Monday announced that it has onboarded on the Open Network for Digital Commerce (ONDC), making it one of the first asset management companies to sell its mutual fund products on the platform.

ONDC is a central government initiative launched in December 2021, aimed at transforming digital commerce through an open, interoperable framework to enhance retail e-commerce in India.

Partnership to expand MF products in low-income groups

HDFC AMC said its partnership with ONDC will enhance access to mutual fund investment products, particularly in underserved regions of India.

The company will address barriers to investment, including low incomes and limited access to financial tools, by providing mutual fund distributors with a broader range of options, including smaller investment amounts.

“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 investment manager unit for HDFC Mutual Fund said in a statement.

Also Read : Kerala govt allocates funds for social security pensions amid financial challenges

First Published: Oct 21, 2024 5:05 PM IST

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