The state-owned Bank of India has made a private placement investment of INR 10 crore in the government-backed ecommerce venture Open Network for Digital Commerce (ONDC). Once the transaction is completed, the bank's total stake in ONDC will be 5.56%.
The Bank of India has purchased one million equity shares at INR 100 each, with the transaction expected to be completed by the second quarter of fiscal year 2022-23. (September-end). ONDC, incorporated as a private sector non-profit company, will allow sellers from a wide range of industries to list on the platform and provide a variety of services to customers in a single location.