State-owned Punjab Nationwide Financial institution (PNB) mentioned it can spend money on Open Community for Digital Commerce as a promoter entity by selecting up over 9% stake within the firm, which is but to be included.
Open Community for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open community for digital commerce, PNB mentioned in a regulatory submitting.
The Delhi-headquartered lender mentioned its participation in ONDC is 9.5% fairness capital within the firm, or ₹25 crore, whichever is decrease.
“Such funding will probably be made in a number of tranches. The timeline for making the funding is but to be finalised,” it mentioned.
Because the acquisition of shareholding is beneath 10 per cent, regulatory approval is just not required, it added.
India is engaged on organising an ONDC infrastructure which facilitates e-commerce by offering equal alternatives to all market gamers.
In such a platform, the client can promote on a platform with out being registered over there and vice-versa.
Supply: Live Mint