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ASBA branches must open Sunday for LIC IPO

No longer current — withdrawn, no replacement on file yet

Source: Reserve Bank of India · RBI/2022-23/43 · issued 04 May 2022 · ~1 min read

Quick answerRBI advises all scheduled commercial banks to keep ASBA-designated branches open on May 8, 2022 (Sunday) to process LIC IPO applications, ensuring compliance with customer service norms.

What changed

RBI issued a circular on May 4, 2022, advising banks to keep ASBA-designated branches open on Sunday, May 8, 2022, specifically for LIC IPO application processing. This follows a government request to facilitate bidding. Banks must also adhere to customer service requirements from the July 1, 2015 Master Circular.

What it means for you

Banks must ensure ASBA branches are staffed and operational on a Sunday to handle LIC IPO applications, which may require additional planning for staffing and security. This is a one-time directive but underscores RBI's expectation of flexibility for large public offerings. Non-compliance could lead to regulatory scrutiny.

Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.

What banks were required to do at the time

Consider opening all ASBA-designated branches on May 8, 2022, for public access during normal business hours.
If opened, ensure adequate staffing, systems, and security arrangements are in place for smooth processing.
Comply with para 7 of Master Circular DBR No. Leg. BC. 21/09.07.006/2015-16 on customer service.
Communicate the Sunday opening schedule clearly to customers and staff in advance.

Who it affects

All scheduled commercial banks with ASBA-designated branches, Retail and institutional investors applying for LIC IPO, Branch operations and customer service teams

❓ Common questions

Regulatory timeline

Decoded by BankPulse 2026-06-18 06:11 IST
repealed_by — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)
partially_modified_by — CRR Cut by 50 bps in Two Tranches to 4.0%
Status change: withdrawn 03 Aug 2026, 04:00 IST

Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).

Why are ASBA branches required to open on Sunday?

The government requested banks to facilitate LIC IPO bidding, and RBI agreed, mandating ASBA branches to remain open on May 8, 2022, to process applications.

What customer service rules must banks follow?

Banks must comply with para 7 of the July 1, 2015 Master Circular on 'Customer Service in Banks', which covers aspects like queue management and timely processing.

Is this a permanent change for all IPOs?

No, this is a one-time directive for the LIC IPO only. Future IPOs may have similar arrangements if requested by the government.

📜 This document’s life story (2 recorded events, each backed by RBI’s own words)

Repealed by RBI/2025-26/100 — Consolidation of Regulations — Withdrawal of circulars (28 Nov 2025)

RBI’s words: “Official withdrawal register entry #242: DOR.LEG.REC.No.35/09.07.005/2022-23 — "ASBA Designated Branches to Remain Open for Public on May 8, 2022 (Sunday) to Facilitate Processing of Applications for ”

Partially modified by CRR Cut by 50 bps in Two Tranches to 4.0%

RBI’s words: “in partial modification of the earlier notification DOR.RET.REC.34/12.01.001/2022-23 dated May 04, 2022”

📜 Read the original circular — full text as issued by RBI

RBI/2022-23/43
 DOR.LEG.REC.No.35/09.07.005/2022-23
 May 4, 2022
 All Scheduled Commercial Banks
 Madam/ Dear Sir
 ASBA designated branches to remain open for public on May 8, 2022 (Sunday) to facilitate processing of applications for LIC IPO
 The Government of India, in order to facilitate bidding for LIC IPO, has requested that all bank branches designated to process ASBA (Application Supported by Blocked Amount) applications may be kept open for public on May 8, 2022 (Sunday). The matter has been examined and it has been decided that banks may keep all their ASBA designated branches open on May 8, 2022 (Sunday) for the above purpose.
 2. While doing so, banks shall ensure compliance with the requirements laid down in para 7 of the Master Circular DBR No. Leg. BC. 21/09.07.006/2015-16 dated July 1, 2015 on ‘Customer Service in Banks’.
 Yours faithfully,
 (S.K. Panigrahy)
 Chief General Manager

Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/43 · issued 04 May 2022. The plain-English explanation above is BankPulse’s own independent summary.

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BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly).
Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12310&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.