Punjab National Bank said it has acquired a 6 percent stake in Open Network for Digital Commerce (ONDC), a digital e-commerce platform for Rs 10 crore. Network-centric model of ONDC will enable the buyers to assess all services on a common network that are currently provided by various sellers on different platforms.
Punjab National Bank in a release said, “Board of Punjab National Bank had approved investing in ONDC with equity participation of 9.5 percent. Accordingly, the bank has invested Rs 10 crore for acquiring a 5.97 percent stake of ONDC in its first tranche, as per the directives of its board.”
PNB endeavors to digitize the whole value chain, boost the inclusion of suppliers, enhance operations, improve efficiencies in logistics, and enhance the value of consumers for most of the business.
