The State Bank of India (SBI) has announced on Twitter that it will keep all its branches open on Sunday, May 8 to accept applications for India's mega largest public offer (IPO) of Life Insurance Corporation (LIC).
On May 4, the Reserve Bank of India (RBI) had announced: 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)."
The government-owned SBI said in its tweet: Here's a good news for all our customers applying for LIC IPO. We are happy to inform that, for the convenience of our customers applying for LIC IPO, all our branches will be open on 8th May 2022 (Sunday) to accept applications.
ASBA is an application by an investor containing an authorization to Self Certified Syndicate Bank (SCSB) to block the application money in the bank account, for subscribing to an issue.
