Bank of India supports India’s bold Open Ecommerce Project ONDC

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The private placement investment of INR 10 million by the state-owned Bank of India in the government-backed ecommerce venture Open Network for Digital Commerce was made by the Bank of India. 

The bank will own 5.56% of ONDC once the transaction is complete.

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One million equity shares were purchased by the Bank of India at INR 100 each. The transaction is expected to be completed in the second quarter of fiscal 2022-23. (September-end).

 ONDC was established as a private non-profit corporation. It will enable sellers from many industries to list on the platform, and offer a range of services to customers from one location.

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