Three banks - Corporation bank, Union Bank of India and HDFC bank - have received SEBI nod for offering the new payment facility for IPOs under SEBIs new scheme where investor application money will not be blocked with the IPO issuer till allotment. It also does away with the refund process.These three banks can now be part of the Applications Supported by Blocked Amount (ASBA) process.This process allows for a new mode of payment in IPOs wherein the application money of an investor will remain