India cenbank orders SBM Bank to stop transactions under remittance scheme

The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai July 26, 2011. Danish Siddiqui, Reuters
Reuters Images

The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year

Chris Thomas, Reuters News

January 23, 2023

PHOTO
The Reserve Bank of India (RBI) logo is pictured outside its head office in Mumbai July 26, 2011. Danish Siddiqui, Reuters

BENGALURU - The Reserve Bank of India on Monday ordered SBM Bank (India) Ltd to stop all transactions under the liberalised remittance scheme until further orders after the regulator found "material supervisory concerns" in the bank.

The scheme allowed Indian residents to freely remit funds abroad up to $250,000 per financial year.

(Reporting by Chris Thomas in Bengaluru; Editing by Dhanya Ann Thoppil)

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