State-owned Bank of India has acquired over 5.5 percent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday.

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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.

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

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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.

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.

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First Published:Sept 27, 2022 9:55 PM IST