By allowing mutual fund distributors to access a wider range of AMCs and vice versa, the ONDC Network is set to revolutionize the way investment products are distributed. This integration marks an important milestone in the financial services sector as it aims to democratize access to mutual fund investment products across the country, according to a press release.
The integration aligns with HDFC AMC’s broader mission to become the wealth creator for all Indians. By leveraging ONDC’s open protocol, the initiative will bring mutual funds to the masses, allowing more first-time investors to participate in India’s growth story, the statement said.
The integration with ONDC will further help address three common barriers to investment faced by a significant portion of India’s population: low income, irregular cash flows and limited access to financial tools. The ONDC network open protocol will help improve reach to the large investing population by offering mutual fund investment products. This will allow every individual, regardless of income, to take the first step towards financial inclusion and wealth creation, the statement said.
“At HDFC AMC, we are deeply committed to financial inclusion. By joining forces with ONDC, we are not just offering a new investment channel; we are democratizing wealth creation. This network allows us to reach every corner of Bharat, transforming small significant investment savings, this is in line with our ambitious mission to be the wealth creator for every Indian,” he said. Navneet MunotMD & CEO of HDFC AMC.
A critical aspect of this initiative is access to the masses. This can be a game-changer for rural and low-income households, who can make investments in manageable amounts. This will serve as a crucial step for mutual funds to enable financial growth and wealth creation on a large scale. HDFC AMC is one of the key players that will be at the forefront of this initiative, setting the stage for more AMCs to join the movement. . By supporting ONDC’s vision, HDFC AMC continues to strengthen its role as a key enabler in making financial independence and investment opportunities available to all Indians.” HDFC AMC’s integration with ONDC Network is a leap towards democratization of the financial access by disaggregating the financial journey, breaking down traditional silos, making financial products more visible, accessible and interoperable across platforms This seamless access allows people, regardless of geography or income, to participate in creation. of wealth by enabling affordable, bite-size investments and expanding reach to underserved communities The initiative fosters financial independence, promotes long-term value creation and paves the way for inclusive growth,” said T Koshy, MD and Director. ONDC executive.
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