Kotak, Axis acquire 7.84% stake each in ONDC
- Kotak Mahindra Bank and Axis Bank have acquired 7.84% stake each in Open Network for Digital Commerce (ONDC).
- Before this, SBI (7.84%) and PNB (9.5%) have also acquired a stake in ONDC.
- ONDC was incorporated in India on December 30, 2021. It aims for creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.
- Open Network for Digital Commerce (ONDC) is been managed by Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry.
Points to remember:
- ONDC full form?
- ONDC is an initiative of? DPIIT under Ministry of Commerce and Industry.
- Stake of Axis Bank in ONDC?- 7.84%
- Stake of Kotak Mahindra Bank in ONDC?- 7.84%
Source: economic times, fortuneindia and PIB
Extra Info: Open Network for Digital Commerce christened ONDC is globally first-of-its-kind initiative that aims to democratise Digital Commerce, moving it from a platform-centric model to an open-network. As UPI is to the digital payment domain, ONDC is to e-commerce in India.