NPCI cleared to acquire 10% stake in e-commerce network ONDC
According to sources, Bank of India is also in the process of investing in the ONDC and may get a 5-7 percent stake.
The National Payments Corporation of India (NPCI) has received the nod from the Reserve Bank of India and the Union Ministry of Finance to acquire a 10 percent stage in the Open Network for Digital Commerce (ONDC), India's open source platform for e-commerce.
According to sources, Bank of India is also in the process of investing in the ONDC and may get a 5-7 percent stake. Sources further said ONDC is also in talks with the National Securities Depository Limited (NSDL) to come onboard as an investor. ONDC would have raised approximately Rs 190 crore from 20 investors at the end of the exercise.
#NPCI has received approvals from #RBI & Finance Ministry to #acquire a 10% stake in Open Network For Digital Commerce (#ONDC). Also, the Bank of India is in the process of #investing in ONDC: Sources to @_ritusingh pic.twitter.com/JAqSocySLJ
— CNBC-TV18 (@CNBCTV18Live) August 31, 2022
NPI CEO Dilip Asbe is a part of ONDC's Advisory Council.
Sources added that the ONDC is likely to have 20 stakeholders in total, including 17 already on board — Quality Council of India, Protean (NSDL eGov), BSE Investments, NSE Investments, Kotak Mahindra Bank, Axis Bank, HDFC Bank, IDFC First Bank, SIDBI, State Bank of India, NABARD, Bank of Baroda, CSC, eGovernance Services India, UCO Bank, Central Depository Services (India) Ltd, Punjab National Bank, and ICICI Bank.
(This is a developing story. Keep checking back for updates)
First Published: Aug 31, 2022 6:18 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
