Mumbai, September 6, 2022: IDFC FIRST Bank today signed up as participant in the Open Network for
Digital Commerce (ONDC), an initiative of the Ministry of Commerce and Industry, to enable early
adoption of the network among its customers.
As an early mover in the ONDC network, the Bank has enabled a platform for buyers which will help
them discover sellers in the ONDC Network as it develops over time.
The Bank has also started onboarding small merchants, who are its current account customers, onto
a partner app registered with ONDC. The app is expected to help small merchants carry out
transactions over ONDC’s electronic network and step up their digital footprint.
B. Madhivanan, Chief Operating Officer, IDFC FIRST Bank, said, “As a technology-first bank and an
early adopter of digital initiatives, we are pleased to be part of a techno-social innovation that will
trigger a dramatic shift in the way buyers and sellers interact online. By leveraging ONDC, we can
enable merchants to mobilize the network effect and unlock value at scale. ONDC is a fully digitally driven model and aligns with the Bank’s digital and social-good ethos.”
Shireesh Joshi, Chief Business Officer, ONDC, said, “IDFC FIRST Bank joining the network is poised to
expand the network on both sides – buyers and sellers. This is a great development, and we look
forward to IDFC FIRST Bank offering more options on the network on both sides. Each participant
brings their unique insights and knowledge to the design they implement, and this diversity of
approach will add richness to user experience on ONDC.”
ONDC, a section 8 company, has been set up to democratize e-commerce and will transition ecommerce from a platform centric model to an open network model, similar to the Unified Payments
Interface (UPI) for payments. A revolutionary network, it is expected to bring inclusivity and
interoperability into supply chains, buyer universes, logistics and technology services. It will put equal
access of the marketplace in the hands of small business owners who can access buyers at
scale and provide best-in-class quality of experiences combining with other participants and
combining with their strengths.
IDFC FIRST Bank has leveraged technology extensively to empower small businesses and
entrepreneurs. The Bank has developed deep specialization in retail lending and capabilities to
leverage the country’s digital ecosystems. Its retail business is diversified over 25 lines of businesses
and across millions of customers. Customers and partners are supported through retail apps and
assisted-digital services.
About IDFC FIRST Bank
IDFC FIRST Bank was formed by the merger of erstwhile IDFC Bank, promoted by renowned
infrastructure financing institution IDFC Ltd. and leading technology NBFC, Capital First. IDFC FIRST
Bank has a balance sheet of Rs. 2,00,565 crore and has provided over 30 million loans in its combined
history and serves customers in over 60,000 villages, cities and towns across the length and breadth
of the country. The bank believes in making customer-first products and was the first universal bank
to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low
APR rates, and many other such interesting products.
The Bank’s vision is to build a world class bank in India, guided by ethics, powered by technology, and
to be a force for social good. Our mission is to touch the lives of millions of Indians in a positive way
by providing them high-quality banking services.
In a short time, the Bank has expanded to 651 branches, 235 asset service centres, 807 ATMs and 602
rural business correspondent centres across the country, a next-generation net and mobile banking
platform and 24/7 Customer Care services and is incrementally growing digitally. IDFC FIRST Bank is
committed to bring high-quality banking at affordable rates to India. The Bank also offers high quality
technology-enabled corporate banking solutions, contemporary cash management solutions, fleet
card and FASTag solutions and wealth management solutions