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NMB Bank to provide ASBA service

image011NMB 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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