PNB Acquires 6 Percent Stake in ONDC
On Thursday, the second-largest bank of India, Punjab National Bank announced that it has acquired a 6% stake in ONDC. Open Network for Digital Commerce is a public digital e-commerce platform by the Ministry of Commerce and Industry. The Ministry launched this platform with the aim to promote open networks for all aspects of the exchange of goods and services over digital networks. ONDC is basically based on open-source methodology. It uses open specifications and open network protocols that are independent of any specific platform. In its Press release, PNB stated: "Board of Punjab National Bank (PNB) 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." The bank further added that it is expected to digitize the entire value chain and standardize operations. It will promote the inclusion of suppliers, increase efficiencies in logistics, and enhance value for consumers for almost all types of businesses.