Om Development Bank gets approval for ASBA System

Om Development Bank Limited has got approval from Securities Board of Nepal (SEBON) for Application Supported by Blocked Amount (ASBA) system. In a press release published today, it stated that the bank will hold amount of applicants in their respective account while applying for public issues (IPO and FPO) and the allotted amount will be debited once the final allotment of public issue is over. Om Development Bank has thus become Pokhara’s first development bank to be associated with the ASBA system. The system will be in practice from Magh 1, 2073. The bank has also opened three new branches in Syangja, Butwal and Pokhara Lakeside on Poush 21. With this, the number of branches has reached 29. Om Development Bank is currently in merger process with Manaslu Bikas Bank. With Om Development Bank associated, there are now 17 banks and financial institutions already that have got permission from SEBON for providing services under the ASBA system.