Banks jump on the ONDC bandwagon to draw synergy from the network

The Centre’s efforts to democratise online commerce by creating an indigenous network for buyers and sellers is receiving significant interest from the banking sector, with several lenders picking up stake in the network.

Indian lenders are also looking to set up buyer platforms to draw synergy and create opportunities for the network to be successful.

Nine banks have picked up stake in the Open Network for Digital Commerce (ONDC) network.

Of these, State Bank of India (SBI), Bank of Baroda, Punjab National Bank, Kotak Mahindra Bank, Axis Bank, HDFC Bank, IDFC First Bank, and ICICI Bank own 6.35 per