CURRENT AFFAIRS

Detailed explanation-1: -Muskan Anand. B [Microsoft] :Microsoft has become the first global Big Tech Company to join the Open Network for Digital Commerce (ONDC).

Detailed explanation-2: -Shiprocket said it is the first inter-city logistics provider to plug into the ONDC network, enabling sellers from all segments to ship products to cities and towns across India.

Detailed explanation-3: -Government feels that ONDC will help in curbing the monopoly of big players and increasing the reach of small merchants. The commerce and industry ministry launched the pilot phase of the open network for digital commerce in April, in five cities – Delhi NCR, Bengaluru, Bhopal, Shillong and Coimbatore.

Detailed explanation-4: -These include State Bank of India, Punjab National Bank, Uco Bank, Bank of Baroda, Bank of India, Axis Bank, ICICI bank, HDFC Bank, Kotak Bank, IDFC Bank, BSE, BSE, NSDL, CDSL, CSC eGovernance, NABARD and SIDBI.

Detailed explanation-5: -The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022. In absolute terms, it has acquired 10,00,000 equity shares for Rs 100 each in the to-be operational digital commerce company, incorporated in December 2021.