Kasthamandap Development Bank receives approval for ASBA system

Kasthamandap Development Bank has received approval for ASBA (Applications Supported by Blocked Amount) from SEBON. The bank will now be able to collect the application forms in case of public issues, and work as per prescribed rules. Under this system, the bank will collect the application forms and block the applied amount from investors bank account. Upon the allotment, the investors amount will be released after debiting the allotted amount. This service will be provided from all the branches of this bank. Issuing a press release, the development bank also said that it has collected a deposit of Rs. 783 crore whereas it has provided a loan of Rs. 643 crore, till the end of 2^nd quarter of this fiscal year. The bank has earned a net profit of Rs. 10 crore in the same period, said the statement.