State-owned Punjab National Bank (PNB) said it will invest in Open Network for digital commerce as a promoter entity by buying over 9% stake in the company, which is yet to be incorporated.
PNB said in a regulatory filing that Open Network for Digital Commerce (ONDC) Limited is being set up to develop an open network for digital commerce.
The Delhi-headquartered lender said that its participation in ONDC holds 9.5% equity capital in the company, or 25 crores, whichever is less.
“Such investment shall be made in one or more tranches,” it said. The timeline for investing has not been finalized yet.
Since the shareholding acquired is less than 10 per cent, regulatory approval is not required.
India is working on setting up an ONDC infrastructure that facilitates e-commerce by providing equal opportunities to all marketplace players.
In such a platform, the buyer can sell without registering on one platform and vice versa.
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