Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

SVC Bank launches hassle-free ASBA facility for IPOs

Posted On: 2017-09-20 10:29:54

SVC Bank, formally known as The Shamrao Vithal Co-op. Bank Ltd, launched Application Supported By Blocked Amount (ASBA) -- the online payment facility that is mandatory for IPOs/ FPOs and rights issues.

ASBA is a hassle-free arrangement payment system that ensures that funds are not blocked unproductively till the finalization of the allotment of the issues. It was first introduced in September 2008 and was made mandatory by the SEBI with effect from January 1, 2016.If an investor is applying through ASBA, his/her application money shall be debited from the bank account only if the application is selected for allotment after the basis of allotment is finalized, or the issue is withdrawn / failed. This was not the case earlier, when investors had to wait for refund for up to two weeks. The earlier process required investors to get demand drafts made or issue cheques for payment of application money, which was more time consuming.

With SVC Bank introducing the ASBA facility, its customers can now avail of a seamless experience through the simple and convenient facility of investing in IPOs. ASBA boasts of several benefits because the investor's money does not go out of his or her account. There is no hassle of refund as per the difference in application amount and the amount for which shares are finally allotted. The investor continues to earn interest on the application money since it remains in the bank account, which is not the case in other modes of payment.

With the launch of this service, SVC Bank -- one of India's top three urban co-operative banks - is now a Self Certified Syndicate Bank (SCSB). ASBA facility is available at all 198 branches of SVC Bank and is open to investors who have a Savings account with the bank. To apply for the facility, customers can visit the nearest SVC Bank branch. With the new service, SVC Bank has taken a step forward to meet the needs of common investors and customers by bringing in the convenience of the ASBA facility mandatory for IPOs in their own bank. Customers can also be more assured because they are going through their own bank -- a known mediator.

Mr. Suhas Sahakari, Managing Director - SVC Bank said, "Sources state that IPO registrations in BSE and NSE this first quarter have crossed more than $USD 600 million. There is a sense of optimism developing as people are reducing aversions, getting ready to take calculated risks. When we announced the launch of the ASBA facility, the background was to provide this optimistic customer a platform to invest and grow. With customers generally preferring a trusted intermediary to get access to IPOs, SVC Bank is happy to provide an investor friendly solution while continuing to maintain personalised banking approach for which we have been known for the past 111 years. We are glad to be an SCSB and we appeal to our customers to make the most of this facility."


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Wadhawan Global Capital sells stake in Avanse to Warburg Pincus

ICAI Postpones May, 2019 CA Examinations

MSE 'Financial Inclusion' Drive in Goa in a bid to Boost Participation from Tier II, Tier III Cities & Rural Areas

Vikram Solar commissions 200 MW solar project for APGENCO

Cognizant Names Brian Humphries as CEO, Succeeding Company Co-Founder Francisco D'souza

Harish Natarajan appointed as the new President and COO of Strand Life Sciences

ICAI Celebrates Platinum Jubilee Annual Function

ICAI signs MoU with Invest India to promote Foreign Investment

Tata AIA Life Insurance celebrates the Centennial Year of AIA

Twenty14 Holdings Marks Entry into Switzerland with new IntercityHotel at Zurich Airport

ICAI signs MoU with ICPA of Kenya

Sathguru Management Consultants advises Pravesha Industries to divest majority stake in Crest Cellulose to Roquette Freres, SA

Saurashtra Freight Pvt. Ltd. charts out growth strategy

Toffee Insurance announces India's First Cyclist Insurance

Whitecaps flags of their 6 month excellence program in cake making

Home Credit India offers attractive customer-focused schemes across Lenovo and Motorola smartphone range

MyLoanCare rolls out a free loan portfolio management system

Auto LPG sector grows impressively; clocks 14% growth in sales

'India Cold Chain Show 2018' showcases innovative cooling solutions in Mumbai

ZestMoney partners with Xiaomi to provide financing options at Mi Home stores

Jana Small Finance Bank launches Jana Bankable Debit Card

GoAir announces Kannur as its 24th domestic destination

InterGlobe Foundation initiates Heritage Restoration and Waste Management In Rajasthan

eMudhra becomes an Executive Member of the Cloud Signature Consortium

ECGC chairs meeting of CEOs of ECAs of Asia Pacific Regional Cooperation Group in Mumbai

Fincare SFB posts 99 percent AUM growth, Rs.42.3 crore profit in H1 FY 2019

Future Generali India Life Insurance introduces a new age ULIP, Future Generali Big Dreams Insurance Plan

Honda 2Wheelers India drives Skill India Mission in Tamil Nadu

Indian biosimilar market to be worth $40 billion by 2030

Rane NSK Opens New Facility for EPS at Gujarat

GoAir reports highest OTP for second consecutive month!

ICAI signs MoU with CPA Canada

Square Capital Emerges as the Largest Integrated Mortgage Marketplace in India

Fresh impetus to the MSME sector - Acuité Ratings

GoAir's 13th Anniversary Offer: Up to 13 Lakh seats on sale at an all-inclusive price of Rs 1,313

India's plastics export jump 31.6% in H1 2018-19 to USD 4.59 bn

Homes worth Rs 1200 crore sold during Housing.com's Home Ustav 2018

Not just top 5 cities, now Tier III cities also contributing to retail participation in stock markets

Lighthouse invests 160 Crore in mattress company Duroflex

Kreditech licensed by Reserve Bank of India to operate as NBFC

Next Education partners with Capgemini as Edu-tech enabler

Co-origination lending: A potential solution to NBFCs' funding challenges

Honda 2Wheelers India expands its global footprint ahead of 2020

'All Weather Investing' - asset allocation with ETFs launched on smallcase.com

NPCI organises digital training workshops at 50 plus educational institutes on teacher's day

AVIVA launches Online Will Writing Service to Promote Financial Literacy

Chrysalis raises funding from Social Impact Investors Menterra and Artha

ICAI invites comments on Valuation Standards

Maharashtra New DP plan 2034 notification - Mr. Niranjan Hiranandani, President NAREDCO

Sterlite Power's OPGW facility receives 17025:2005 accreditation by NABL







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019