Union Commerce and Industry Minister Piyush Goyal on Tuesday reviewed the progress on Open Network for Digital Commerce (ONDC) initiative of DPIIT.
The Minister was apprised about the significant progress made for the project.
An official release said QCI has established a team of experts for the execution of the project in a mission mode.
It said a number of small and medium enterprises have been on-boarded as volunteers to complement the ONDC team.
"An ONDC gateway has also been established. About 20 entities covering all network components are at various stages of on-boarding. DPIIT (Department for Promotion of Industry and Internal Trade) has approved a budget of approximately Rs 10 crore for initial work on the project," the release said.
"It has been suggested to establish a private sector-led non-profit company... The role of the entity would be to develop the network by adopting and building enabling technology and encouraging wide-scale voluntary participation by eco-system players," the release added.
The meeting was also attended by a number of prospective promoters including senior representatives from State Bank of India, Punjab National Bank, Bank of Baroda, NABARD, SIDBI, National Payments Corporation of India, NSDL, CDSL, NSE and BSE.
The minister expressed satisfaction with the progress made and desired to compress timelines for making this network a reality soon.
( With inputs from ANI )
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