LIC IPO: Bank officers association protested against RBI’s decision to open branches on Sunday

According to the statement by AIBOC, “Subscription for LIC IPO was opened on May 4, 2022, and the IPO has been subscribed 1.03 times on the second day of bidding, with policyholders bidding 3.11 times, staff 2.21 times and retail bidding.” Investor 93%. Closing date is 9th May, 2022 and still 4 days left for bidding, we fail to ascertain the reason for RBI notification to open branches on Sunday.

The union said when online subscriptions are widely used among investors, why? reserve Bank of India Asking to open branches on Sundays.

most branches are asba (Application supported by blocked amount) Designated with rapid digitization.

“Given the widespread use of online subscription of IPOs amongst investors, we are of the view that most of the branches will not receive a single application in physical format on Sunday. In such circumstances, the decision to keep all banks open, AIBOC said in a statement, Branches are ridiculous in themselves and banks cannot afford such huge expenditure.

While DIPAM has been very enthusiastic in asking the branches to work on holidays, it said, reserve Bank of India The actual need to keep all branches open has not been assessed.

This decision will not yield any result, but will result in a huge financial burden which is estimated to exceed 100 crore on account of workers’ compensation and other operating costs for opening branches on a holiday, it said.

Keeping all these aspects in mind, RBI should review its decision and withdraw its order to open branches on Sunday, the union said.

On May 4, the Reserve Bank of India had directed banks that all ASBA-specified branches will remain open for the public on Sundays to facilitate the processing of applications for LIC’s initial public offering (IPO).

The country’s biggest offering till date, LIC’s IPO, is closing on 9 May.