Aditya Birla Capital Limited (ABCL) has achieved a significant milestone by becoming the first BFSI company to go live on the Open Network for Digital Commerce (ONDC) platform for all three core financial services: lending, insurance, and mutual fund investments. This move reinforces ABCL’s commitment to leveraging India’s Digital Public Infrastructure (DPI) to increase financial inclusion and provide open network access to financial products, especially in underserved markets.
Through the ONDC network, various buyer apps will be able to offer ABCL’s personal loans, health insurance, and mutual funds to their customers, simplifying their financial journeys and providing a seamless user experience. This eliminates the need for customers to download or access multiple apps, making it easier for them to access financial products and services.
ABCL has played a pivotal role in developing the ONDC ecosystem for financial services, being one of the early adopters of the credit integration pilot phase and among the first to integrate health insurance and mutual fund investments on the network. The company’s integration with the ONDC network will help it reach out to a wider audience, including those who previously lacked access to formal credit, insurance, and investment opportunities.
According to Ms. Vishakha Mulye, CEO of Aditya Birla Capital Limited, this integration will enable the company to fulfill the financial needs and aspirations of consumers across the country, making its comprehensive range of financial services easily accessible to every Indian. Mr. T. Koshy, MD & CEO of ONDC, commented that ABCL’s integration across all three channels demonstrates its commitment to democratizing financial products and making them more accessible and inclusive through the ONDC network.
This development is a significant leap towards deepening financial inclusion in India, in line with the overall vision and mandate of digital inclusion. By enabling financial products to be live on the ONDC network, ABCL is diversifying the types of services offered and making strides towards achieving its goal of simplifying finance and making its offerings accessible to every Indian. With this milestone, ABCL has reinforced its position as a leader in the financial services sector, committed to leveraging technology and innovation to drive financial inclusion and economic growth.