As per the Knowledge base and I quote, “ Once the bid is placed and payment mandate is approved you will not be able to Cancel/Delete the bid.“
So I placed ipo bid yesterday for cms info system and approved the amount request via UPI app and my money is blocked, then later in the day I was able to cancel my bid successfully via Dhan app but still the money is showing as blocked.
So my two points:
- when the blocked money be freed again.
- if I had approved the payment request via UPI, the how was I able to cancel my bid from Dhan app.
Request to please clarify this doubt.
As checked, The Issue occurred when the bid was initiated successfully from your end but we received the delayed confirmation from the exchange side that the mandate is blocked, meanwhile as the option was visible the cancellation was processed.
As checked the bid is canceled successfully, Kindly contact your bank to initiate the refund. Also, Thanks for highlighting this, we will work on improving the IPO cancellation communication.
Hello, I reached out to bank for the initiation of refund for the same and the reply I received from them is stated below:
"Dear Ms. Khanna,
Thank you for writing to us.
This is with reference to your e-mail dated December 23,2021 with Subject line : Net banking
We would like to inform you that you have done a UPI mandate transaction (scheduling payment for future transaction), in mandate transaction the amount is marked on hold until the payee / receiver accepts the mandate or the expiry date of the mandate (which is set by user at the time of mandate creation).
You can check the details in his UPI app.You can also revoke / decline the mandate from his UPI App.
We request you to check the same as per the below steps:
- Launch BHIM App
- Click GIFT
- SENT > Select transaction
- Click on the 3 dots on the right hand top
- Click on Cancel gift
- Enter pin
We wish to confirm that the bank has received successful response from NPCI (National Payments Corporation of India) hence the amount has been put on hold as per the standard IPO application process. Also we would like to inform that application money will remain blocked up to the finalization on the basis of allotment and account will be debited post the allotment of the shares.
Incase you do not receive the allotment, the hold will be automatically removed for the said amount.
We regret the inconvenience caused to you and look forward to your continued patronage and support.
Customer Service Officer
Customer Support Team
HDFC Bank Ltd. "
As per the steps mentioned by them, I do not see anything in GIFT section of BHIM UPI app. What am I supposed to do in this case? Please help me clarify this.
Does this means, even after you confirmed above the IPO bid is cancelled successfully, the shared might get allotted to me.
As per our discussion, I have checked the same The bid was canceled successfully, The blocked amount will be released automatically from the bank side once the refund request is initiated for all.