ASBA-designated bank branches to be open on Sunday

MUMBAI: The Reserve Bank of India (RBI) has said all ASBA-designated bank branches will remain open for public on Sunday to facilitate processing of applications for LIC’s initial public offering.

State-owned LIC’s Initial Public Offering (IPO), the country’s biggest ever offer, opened for subscription by retail and institutional investors on Wednesday.

The offer will close on May 9 and there will be bidding on May 7 (Saturday) also.

The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday), RBI said in a statement on Wednesday.

“The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose,” it said.