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Seamless Payments Ahead: ONGC and SBI Launch Fully Digital LSC System to Boost Vendor Efficiency

ONGC and SBI partner to launch a fully digital Local Short Credit system, streamlining vendor payments with end-to-end transparency.
Indian Masterminds Stories

New Delhi: In a pioneering move to enhance financial transparency and streamline vendor payments, Oil and Natural Gas Corporation (ONGC) signed a landmark Online Local Short Credit (LSC) Agreement with State Bank of India (SBI) on July 31, 2025. The agreement, inked at Deen Dayal Urja Bhawan (DUB) in New Delhi, marks a major step in ONGC’s digital transformation journey.

End-to-End Digital Payment Workflow

Under the newly launched system, ONGC vendors will now experience a simplified and fully digital transaction process. Documents can be submitted at the nearest SBI branch, where they are scanned and uploaded to the Online LSC Portal. ONGC’s SFS (Sales & Finance Services) team then verifies and approves them digitally.

Once approved, payments are processed online at nominal charges. The platform also offers real-time tracking and generates daily Management Information System (MIS) reports, ensuring both speed and visibility.

Also Read: ONGC Formalizes Offshore Energy Pact Under OALP-IX, Marking New Phase in India’s Exploration Drive

Boosting Transparency and Governance

The initiative promises significant benefits for stakeholders. Vendors receive quicker, more transparent payments. For ONGC, the digital shift reinforces its commitment to good governance and operational efficiency.

SBI’s role as a financial enabler highlights the evolving synergy between public sector enterprises and fintech innovations. The collaboration stands as a strategic leap in digital trust-building and financial accountability.

About ONGC

Oil and Natural Gas Corporation (ONGC) is India’s premier Maharatna PSU under the Ministry of Petroleum and Natural Gas. As the largest crude oil and natural gas company in the country, ONGC plays a critical role in meeting India’s energy demands. With growing focus on sustainability and digital transformation, ONGC continues to set new benchmarks in operational excellence and innovation.

About SBI

State Bank of India (SBI) is India’s largest public sector bank with a robust national and global footprint. A cornerstone in India’s banking infrastructure, SBI leads initiatives in digital banking and public sector fintech integration, supporting diverse sectors of the Indian economy.

Also Read: SBI Brings Global Honour to Indian PSUs, Named Best Consumer Bank 2025


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