NMB Bank gets Sebon nod to implement ASBA service

Published On: January 16, 2017 08:10 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, Jan 17: NMB Bank has received approval for providing Application Supported by Blocked Amount (ASBA) service to customers from Securities and Exchange Board of Nepal (Sebon).

The newly introduced system ensures that the applicant’s funds remain in his/her bank account till the shares are allotted, reads a press release issued by the  bank.

“The mechanism requires the applicant to provide an authorization to block his/her application money in the bank account for subscribing to the IPO,” it adds. “His/her bank account will be debited only after the basis of allotment is finalized.

service forms a part of the bank’s ongoing efforts to enhance customers’ experience with the bank.”

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