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State Bank of lndia (SBI) has invested ₹10 crore to pick up 7.84 per cent stake in Open Network for Digital Commerce (ONDC). ONDC, which was incorporated on December 30, 2021, is engaged in creating an open public digital infrastructure, SBI said in a regulatory filing on Tuesday.
“The firm (ONDC) will develop and transform the lndian digital commerce ecosystem for both goods and services by increasing its reach to every individual and business enterprise, so as to increase the ease of doing business online and to expand alternatives for both buyers and sellers to engage in the digital commerce space,” said the filing.
ONDC is an initiative of the Department for Promotion of Industry and Internal Trade (DPIIT) under the Ministry of Commerce and Industry.
SBI said the bank and its subsidiaries, in the ordinary course of business, may have business dealings with ONDC at an arm’s length.
The bank has subscribed to 10 lakh equity shares of ONDC of face value of ₹100 each fully paid up.
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