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PNB acquires 6% stake in public digital e-commerce platform

March 25, 2022

PNB acquires 6% stake in public digital e-commerce platform
Public sector lender Punjab National Bank on Thursday said it has obtained almost 6% stake in open digital internet business platform ONDC for Rs 10 crore. Open Network for Digital Commerce (ONDC) is a drive of the Ministry of Commerce and Industry to advance open organizations for all parts of the trading of labor and products over computerized networks.

It depends on open-source approach, utilizing open details and open organization conventions, autonomous of a particular stage.

“Leading body of Punjab National Bank (PNB) had endorsed putting resources into ONDC with a value cooperation of 9.5 percent. As needs be, the Bank has contributed Rs 10 crore for procuring a 5.97 percent stake of ONDC in its first tranche, according to the mandates of its board,” PNB said in a delivery.

ONDC was joined on December 30, 2021, with an early speculation from the Quality Council of India and Protean eGov Technologies Limited.

It is relied upon to digitize the whole worth chain, normalize tasks, advance incorporation of providers, determine efficiencies in coordinated operations, and upgrade an incentive for customers for practically a wide range of organizations, PNB added.
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