Bombay Stock Exchange’s (BSE) 100 per cent subsidiary BSE Investments Limited (BSEIL) has acquired 5.88 per cent stake in Open Network for Digital Commerce (ONDC). The exchange said that it expects ONDC to revolutionise digital e-commerce.
“BSE has always been at the vanguard of implementing the best and leading-edge technologies, processes and practices for ensuring the safety and integrity of markets. In line with the trends in international convergence of digital e-commerce, the ONDC opportunity is expected to revolutionize digital e-commerce as it is aligned with the government's vision of making India ‘Atmanirbhar’,” it said.
ONDC will promote digital infrastructure by scaling and innovative open-source APIs and open protocols, BSE added in a statement. Buyers and sellers will be mutually discoverable for ecommerce transactions in a public design that is being envisaged. The decentralised innovative model will encourage open collaboration and interoperability, it added.
Ashishkumar Chauhan, MD & CEO, BSE said, “We are delighted to partner with ONDC, as this is a great opportunity to participate in this national initiative for digital transformation and financial inclusion.”
Apart from BSE, lenders have lined up to invest in ONDC. Private sector lenders HDFC Bank, Kotak Mahindra Bank and Axis Bank have acquired 7.84 per cent stake each in the open public digital infrastructure framework entity. All the three banks have invested Rs 10 crore each in the entity. Punjab National Bank has also acquired 5.97 per cent stake in public digital e-commerce platform ONDC for Rs 10 crore. State Bank of lndia (SBI) has also invested Rs 10 crore to pick up 7.84 per cent stake in ONDC.
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