State Bank of India – Initial public offering I In Bilaspur 16 banks, 70 branches yet investors did not come

State Bank of India Initial public offering

Bilaspur. While investors across the country are excited to buy shares of Life Insurance Corporation of India (LIC), no one took interest in Bilaspur. Even after the Sunday holiday, 70 branches of 16 banks remained open throughout the day. A few arrived in SBI while the account in other banks did not even open.

The Reserve Bank of India has ordered all banks, including State Bank of India, which offers ASBA facilities, to keep branches open on Sunday so that investors do not face any kind of problem. Banks were allowed to do only IPO-related work. So all the 12 nationalized, four private banks of Nyayadhani were open. Few investors arrived at the State Bank of India.

In SBI Main Branch Gandhi Chowk, two investors applied to buy about 40 shares. While two customers applied for opening a Demat account. In other branches, the situation was not good. Even 50 applications were not submitted in a day. In the branches of PNB, Central Bank of India, and Union Bank, employees were seen enjoying the cool air of AC. Waiting for the investors to arrive.

The number of applications was less: Sandeep

SBI Regional Manager Sandeep Kumar said that the IPO of LIC has been launched on May 4. Investors can invest in it till May 9. Keeping in view the convenience of investors, RBI has decided that branches of all banks having ASBA facilities should remain open on Sundays. This is the reason why all the branches were open in Bilaspur. The number of investors buying shares was small. Detailed data will be available one day.

Demat account disappointed

The main reason for less investor penetration in banks was that most of the people did not have a Demat account open. That’s why most of them took the help online. Actually, LIC IPO is getting a great response across the country. The policyholder’s quota has been fully subscribed. The government is selling 3.5 percent of its stake through IPO. The government is expected to raise Rs 21 thousand crores through this IPO.

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