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PNB to invest in Open Network for Digital Commerce as promoter

State-owned Punjab National Bank (PNB) said it will invest in the open digital commerce network as a promoter entity by picking up over 9% of the company, which is yet to be incorporated.

PNB said in a regulatory filing that Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce.

The Delhi- headquartered lender said its stake in ONDC is 9.5% of the company's share capital, or 25 crore, whichever is lower.

"Such an investment will be made in one or more tranches. The timeline for making the investment is yet to be finalised," it said.

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It added that the shareholding is less than 10 percent, regulatory approval is not required

India is working on setting up an ONDC infrastructure which facilitates e-commerce by providing equal opportunities to all market players.

In such a platform, the buyer can sell on a platform without being registered there and vice versa.

Source: LiveMint

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