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