NMB Bank has said that it will be providing Application Supported by Blocked Amount (ASBA) service to customers.
The newly introduced system ensures that the applicant’s funds remain in his/her bank account till the shares are allotted, the bank said in a statement.
“The mechanism requires the applicant to provide an authorization to block his/her application money in the bank account for subscribing to the IPO. His/her bank account will be debited only after the basis of allotment is finalized,” the statement reads.
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