Kotak Mahindra Bank is the third Indian bank to acquire an equity stake in the government-backed private sector non-profit company. On Tuesday, State Bank of India (SBI), the country's largest lender, subscribed to 10 lakh equity shares of ONDC of the face value of ₹100 each to acquire 7.84% shareholding in ONDC. In November last year, Punjab National Bank (PNB) had proposed to invest as a promoter in ONDC by picking up a 9.5% stake in the company.