Aditya Birla Capital has become the first BFSI company to offer all three core financial services lending, insurance, and mutual fund investments on the Open Network for Digital Commerce (ONDC) platform. This move aims to provide broader access to financial products, particularly in underserved markets, and support financial inclusion across the country.
Vishakha Mulye, CEO, Aditya Birla Capital Limited said, “Our integration with the ONDC Network will help us reach out to ‘Bharat’ to fulfill the financial needs and aspirations of consumers who may have previously lacked access to formal credit, insurance, and investment opportunities. This will enable them to easily access and benefit from our comprehensive range of financial services. It is a significant milestone in our commitment to simplifying finance and making our offerings accessible to every Indian across the country.”
Through the ONDC network, various live Buyer Apps will now be able to offer Aditya Birla Capital’s personal loans, health insurance, and mutual funds to their users. This integration streamlines customers’ financial experiences, allowing them to access a range of financial products and services directly through the apps they already use, eliminating the need for multiple downloads or switching between different apps.
Within the financial services sector, ONDC has been developing infrastructure for three key product segments: credit, insurance, and investments. Aditya Birla Finance Limited was an early adopter during the pilot phase of credit integration, while Aditya Birla Health Insurance Co. Limited and Aditya Birla Sun Life AMC Limited were among the first to integrate health insurance and mutual fund investments on the network. As a Wave-1 participant, Aditya Birla Capital has played a key role in shaping the overall ONDC ecosystem for financial services.
T. Koshy, MD & CEO, ONDC, commented, “By enabling financial products live through ONDC we are not only diversifying the types of services offered on the Network but also making strides towards deepening financial inclusion in India which is in line with our overall vision and mandate of digital inclusion.”