NEW DELHI: India may soon have its own version of 'Cyber Monday', when billion-dollar worth products are sold online at heavy discounts within a day, with Citibank planning a similar mega e-shopping sale this week in India.

Although restricted to Citibank's customers, it would provide discounts of up to 60 per cent across various product categories on 17 well-known internet shopping platforms within a time frame of 24 hours on Wednesday, December 5 -- making it the country's first-ever 'Cyber Sunday' event.

First coined in 2005 as a marketing term by online retailers for the Monday coming after 'Black Friday', which itself is the name for Friday after Thanksgiving in the US, the 'Cyber Monday' has become a phenomenon over the years.

With rising popularity, the 'Cyber Mondays' have recorded billion-dollar sales during the past four years.

Announcing the launch of its own one-day online mega sale, Citibank said it is yet to decide whether it would follow the annual 'Cyber Monday' model when it comes to the frequency of the event and the dynamics of the Indian market might require it to be conducted at least twice a year.

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Citibank said it aims to promote e-commerce by bringing together leading ecommerce players on one platform on the day through this event, named 'OMG! Sale'.