Right 㐌 supplies the sound — yí drifted to shī, a Mandarin shift but the rime is still recognisable. Same phonetic family:
池 (chí, pond),
弛 (chí, slacken),
驰 (chí, gallop),
也 (yě, also). The whole picture: a banner being deployed, hence 'put into effect, apply, bestow.'