sbm bank: RBI orders SBM Bank to stop transactions under remittance scheme with immediate effect
After discovering “material supervisory concerns” in SBM Bank (India) Ltd, the Reserve Bank of India on Monday ordered SBM Bank to stop all transactions under the liberalised remittance scheme with immediate effect.
“RBI, in exercise of its powers under sections 35A and 36(1)(a) of the Banking Regulation Act, 1949, directed SBM Bank (India) Ltd to stop, with immediate effect, all transactions under Liberalised Remittance Scheme (LRS) till further orders,” the RBI statement read.
‘This action is based on certain material supervisory concerns observed in the bank,’ it further added.
Action against SBM Bank (India) Ltd., under sections 35 A and 36(1)(a) of the Banking Regulation Act, 1949https://t.co/Rkv9PILAgm
— ReserveBankOfIndia (@RBI) 1674476113000
Under this scheme Indian residents could freely remit funds abroad up to $250,000 per financial year.
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