New Delhi, Sep 27 (PTI) State-owned Bank of India has acquired over 5.5 per cent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday.

On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount of Rs 10 crore in ONDC, under the private placement route, Bank of India said in a regulatory filing.

Also Read | IBPS Clerk Prelims Exam Result 2022 Released at ibps.in; Know Steps To Check CRP Clerk XII Scores.

The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022.

In absolute terms, it has acquired 10,00,000 equity shares for Rs 100 each in the to-be operational digital commerce company, incorporated in December 2021.

Also Read | Young Actors’ Retreat: 5 Things We Learnt About Kim Yoo Jung, Park Seo Joon, Hwang In Youp And More From Korean Variety Show.

A number of other banks have acquired stakes in ONDC.

ONDC is aimed at promoting open networks for all aspects of the exchange of goods and services over digital or electronic networks in the country.

The framework is expected to make e-commerce more inclusive and accessible to consumers and sellers.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)