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.
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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.
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