state ownership bank of india Has acquired more than 5.5 percent 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 a promoter shareholder of ONDC10 crore in ONDC, under the private placement route, Bank of India said in a regulatory filing.

The bank said that its stake in the company would 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 every Rs 100 in the operational digital commerce company to be incorporated in December 2021.

Several other banks have acquired stake in ONDC.

ONDC aims to promote an open network for all aspects of the exchange goods and services on a digital or electronic network in the country.

hope to outline e-commerce More inclusive and accessible to consumers and sellers.