Application Supported by Blocked Amount (ASBA)
Summary
This circular mandates Self Certified Syndicate Banks to expand their ASBA facility coverage in two phases by October 31, 2012, and December 31, 2012. It requires banks to designate fifty percent of branches initially and all branches subsequently as designated ASBA branches. The document further instructs these banks to submit status reports using the prescribed format within fifteen days of each phase's due date.
Text
Each SCSB is advised to designate 50% of its total branches as ‘Designated Branches’ for ASBA by October 31, 2012.
Each SCSB is advised to designate all of its branches as ‘Designated Branches’ for ASBA by December 31, 2012.
All SCSBs shall submit a status report for each phase of the circular in the format prescribed at Annexure I, within 15 days from the due date of the phase respectively.
This circular is issued in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.
Source: SecMarx — Application Supported by Blocked Amount (ASBA). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.