RBL Bank Acquires 8.51% Stake In ONDC For Rs 40 Crore

RBL Bank Ltd. has acquired 8.51% stake in the government-backed Open Network for Digital Commerce for Rs 40 crore.

"The Bank wishes to participate in ONDC’s objective of creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem," the lender said in an exchange filing on Wednesday.

Incorporated on Dec. 31, 2021, ONDC is a Section 8 company. It is an initiative of the Ministry of Commerce and Industry to create a facilitative model to help small retailers take advantage of digital commerce.

The platform also lists 12 other public and private-run banks, including State Bank of India, ICICI Bank Ltd. and HDFC Bank Ltd. as its major shareholders.

Last week, Paytm Chief Executive Officer and founder Vijay Shekhar Sharma said the company will help onboard 1 crore merchants onto the ONDC by 2025.