Equitas Small Finance Bank announces the launch of ASBA facility on its Internet Banking, Mobile Banking and UPI interface for its customers. ASBA (Applications Supported by Blocked Amount) is a process required by India's Stock Market Regulator SEBI for applying to IPOs, FPOs etc. Equitas Bank continues to create a seamless banking experience for its customers, as they can now directly participate in primary markets through the facility. With ASBA facility, customers can avail the benefit of high savings account interest until the date of allotment of shares. Notably, the facility blocks the bank account for application money and when entire IPO process is complete, the account is debited only to the extent of payment required for final allotment. For this entire time - customers enjoy the benefit of high Savings Account Interest Rate offered by the Bank on entire amount. The blocked amount is also considered while calculating the average monthly balances (AMB). ASBA facility is available at no cost and does not need one to submit any kind of physical documents to activate.
Equitas Small Finance Bank's ASBA feature provides customers with several salient benefits, all whilst prioritizing convenience, security as well as enhancing overall usage experience. While 'Demat account' is a pre-requisite for making IPO applications, Equitas Bank has a ready answer for those who could be investing in Share Market for the first time in their lives. In association with Aditya Birla Money Limited, Bank provides the facility of instant Trading cum Demat Account which can be activated digitally in a matter of few minutes.
As Equitas continues to expand rapidly, it is also enhancing its best-in-class services for retail investors. While bringing the most advanced banking facilities to its platform, the security of customers is of prime interest to Equitas. To ensure the same, the company has eliminated the time to refund cheques/ ECS credit as well as unblock the IPO application money in case the application is rejected, there is no allotment, or the issue is withdrawn. For this, the Bank will receive instructions from the registrar of the issue.
Speaking on the occasion, Mr. Murali Vaidyanathan, Senior President and Country Head - Branch Banking - Liabilities, Products & Wealth, Equitas Small Finance Bank Limited, said: "We firmly believe that the future growth plans of the Bank and the well-being of its customers are inexorably interlinked, and they need to reinforce each other. Post our 3-in-1 account launch, we are continuously working to offer our customers the very best of modern banking, with users now being able to enjoy daily interest while the amount is blocked, through the ASBA feature. The move will also significantly help retail and HNI investors. With contactless banking becoming the need of the hour and omnichannel delivery critical to future readiness, our continued investments towards building world-class digital assets have become a key differentiator. The incorporation of the ASBA feature in the mobile application reflects our efforts towards the path of financial inclusion, increasingly leveraging the power and reach of digital technologies and optimal business growth through collaborations."
As Equitas Small Finance Bank continues to witness thousands of success stories of enabling customers to create a substantial financial footprint, the ASBA feature is another step in the right direction. It provides customers with the fiscal roadmap to realising their long-term economic goals. The bank's customers, who wish to avail the benefits of ASBA, can proceed with their application by providing accurate information regarding PAN card number, DP ID (depository participant identification) number, client identification number or the client's ID from the broker's account, bid quantity and bank account number.
Shares of Equitas Small Finance Bank Limited was last trading in BSE at Rs. 64.50 as compared to the previous close of Rs. 64.90. The total number of shares traded during the day was 170018 in over 1969 trades.
The stock hit an intraday high of Rs. 65.75 and intraday low of 63.80. The net turnover during the day was Rs. 10998605.00.
Shares of Equitas Small Finance Bank Limited was last trading in NSE at Rs. 64.50 as compared to the previous close of Rs. 64.90. The total number of shares traded during the day was 2244369 in over 12695 trades.
The stock hit an intraday high of Rs. 65.75 and intraday low of 63.75. The total traded value during the day was Rs. 145826931.40.