Equitas SFB launches ASBA facility

Customers can now directly participate in primary markets through the ASBA facility and avail the benefit of high savings account interest until the date of allotment of shares.

Equitas Small Finance Bank (Equitas SFB) on Wednesday announced the launch of the 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 stock market regulator Sebi for applying for IPOs and FPOs.

Customers can now directly participate in primary markets through the ASBA facility and avail the benefit of high savings account interest until the date of allotment of shares. The facility is available at no cost and does not need one to submit any kind of physical documents to activate, the bank said in a release.

In association with Aditya Birla Money, the bank provides the facility of instant trading cum demat account that can be activated digitally in minutes.

Murali Vaidyanathan, senior president and country head, branch banking, Equitas Small Finance Bank , said: “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.”