RBI asks ASBA designated bank branches to remain open on Sunday for LIC IPO

LIC's IPO will remain open for subscription even on the weekend, given the large amount the government is looking to raise from the market

The Reserve Bank of India (RBI) has asked all ASBA (Application Supported by Blocked Account)-designated bank branches to remain open on Sunday in order to facilitate bidding for the mega initial public offering (IPO) of the Life Insurance Corporation of India (LIC). This is expected to help people in smaller cities and towns bid for the IPO, especially senior citizens.

“The government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA applications may be kept open for public on May 8, 2022 (Sunday). The matter has been examined and